Ripple price analysis: XRP/USD sitting in a range, while Ripple launches new project to support XRP Ledger

XRP advanced to $0.7370 handle, recovering from the sell-off registered during Asian hours.
Ripple companies want people to know that Ripple is not XRP.

Tanya Abrosimova Independent Analyst

Ripple is sitting in a tight range, limited by $0.7500 and $0.7217, now trading at $0,7370 after. The cryptocurrency has recovered from $0.6370 low reached on May 12. Ripple is the third largest coin with the market capitalization $29B, Its trading volume amounted to $595M during recent 24 hours.

Meanwhile, Ripple company announced a new project Xpring aimed at promoting its XRP Ledger technology by providing support to promising blockchain startups that are building their projects on XRP Ledger.

"Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way," the company explains in the official statement.

Ripple's technical picture

Currently, Ripple is changing hands at $0.7370 handle, well supported by the upside short-term trendline visible on the hourly chart (now at $0.7200). Further down, $0.7150 (50-SMA, hourly chart) will also provide support. However, XRP/USD lacks a fresh catalyst to push higher towards the key resistance at $0.75 followed by $0.7544 (20--SMA, hourly chart).

XRP/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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