Ripple Price Analysis: XRP/USD recovers from the weekend dip to $0.16, bulls eye $0.18

  • 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
XRP/USD price chart

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