- Ripple bulls strongly defend $0.1600 support as a reversal ensues towards $0.18 resistance zone.
- Ripple reveals the development of a “next-generation trading platform” for XRP through a job listing.
Ripple price is in the green during the Asian session on Monday just like the other major cryptocurrencies; Bitcoin and Ethereum. The digital assets are focused on correcting the weekend session losses due to declining trading volumes across the board. XRP/USD explored the levels beneath the 50 SMA in the 2-hour range, touching $0.1625. The region at $0.1600 remains critical to XRP even though a bullish reversal is underway towards the 100 SMA resistance at $0.1700.
Ripple working “next-generation trading platform” for XRP
Ripple, one of the most successful blockchain startups in the world, is reportedly building an exchange platform that would initially integrate XRP. A job listing by the company revealed that an experienced engineering manager is needed to lead a “team into our next-generation trading platform and be a critical part of defining the future trajectory of On-Demand Liquidity and RippleNet.”
Ripple price technical picture
At the time of writing, XRP is trading at $0.1668. It has advanced upwards by 2.44% as the bulls look forward to $0.18 and $0.20 levels respectively. Correction above the 100 SMA would pave the way for gains towards the key levels. Besides, XRP/USD uptrend is supported by the north pointing RSI. On the other hand, selling pressure and influence cannot be ignored especially with the MACD stuck in the negative region. Key support areas include $0.1600, $0.1400 and $0.1000.
XRP/USD 2-hour chart
 (56)-637211349411405391.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Trump's election chances could impact Bitcoin and crypto prices
The Republican presidential candidate has wooed top crypto voices and community members through several actions, including accepting crypto donations and dedicating a part of the GOP platform to cryptocurrencies and blockchain. The former president also announced the launch of a new crypto platform.
MicroStrategy plans to buy additional Bitcoin following $700 million convertible notes sale
Business intelligence firm MicroStrategy announced that it plans to buy back debts and purchase additional Bitcoin following its $700 million private offering of convertible senior notes —subject to market conditions — to institutional investors.
Ethereum Layer 2s hit key milestone as ETH takes 4% slide
Spot Ethereum exchange-traded funds (ETF) globally continued their weekly outflow streak, posting $19 million in negative flows last week, per CoinShares report. US spot ETH ETFs, outweighed by Grayscale's ETHE outflow pressure, were responsible for over 67% of the flows.
XRP hovers near $0.56 as Ripple, Hedera and Aptos Labs launch MiCA Crypto Alliance
Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.