Tanya Abrosimova
Independent Analyst
- Ripple managed to recover from under $0.6000, but the upside is limited.
- XRP's fate depends on BTC momentum.
Ripple goes on with Bitcoin's trend despite positive news related to Revolt adoption of XRP. The coin has recovered from $0.5750 low touched on Wednesday, now trading at $0.6250. From the short-term point of view, XRP/USD has settled between 50-SMA (hourly chart) at $0.6140 and 100-SMA at $0.6419. Once the upper level of this channel is broken, the coin will have a chance to extend upside movement towards 61.8% Fibo of the upside movement from $0.4500 low to $0.9650 high at $0.6470 and to the ultimate bullish goal at $0.6800.
Ripple is the third largest coin with current market value $24.7B and average daily volume $420M, up from $234M registered on Wednesday. The fact that Ripple is recovering from lows on growing volumes might be interpreted s a positive sign, to it is to early to say that the worst is over.
Ripple along with Ethereum concerns US regulators. They think that it may be categorized as a security, and if this happens, the coin will crash.
XRP/USD, the hourly chart
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