Tanya Abrosimova
Independent Analyst
- XRP/USD is recovering from recent lows, gaining over 3.5% since the beginning of the day.
- Positive news support the coin amid the global crypto collapse.
XRP/USD is the best from the worst with just 1% of losses in recent 24 hours. This result looks like a resounding victory as Ripple peers are down from 7% to 40%. Currently, XRP/USD is changing hands at $0.4939, off the recent low reached at $0.4115 on November 14. XRP takes the second place in cryptocurrency rating with a market value over $19.8B and an average daily trading volume over $1.3B.
Ripple's technical picture
From the short-term point of view, XRP/USD has entered a resistance zone created by SMA50 and SMA100 (4-hour), the sloping short-term trendline that goes down from November 7 peak $0.5537, and the psychological $0.50. Once this hurdle is cleared, the recovery may be extended towards Monday's high at $0.5130, and potentially to $0.5200
On the downside, the support lies with $0.4776 (SMA200, 4-hour) and $0.4600. A sustainable move lower will lead to an extended sell-off towards $0.4500 and all the way down to the recent low of $0.4157 (November 14).
What's the secret ingredient of Ripple's success
Apart from new partnership developments, Ripple's coin was supported by the news from Coinbase and Binance. The US-based cryptocurrency exchange has launched custody services for XRP holdings - one month after an official announcement. Meanwhile, Binance may add XRP as its base currency. At least, it is not out of the question for the CEO of the exchange Changpeng Zhao.
XRP/USD, 4-hour chart
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