Ripple price analysis: XRP/USD trading above $0.60, but the crisis is not over; India's Coinone exchange adds XRP trading pairs
- Ripple to use Coinone listing as support to attack $0.65 as it recoils towards $0.70.
- A breach below the short-term support at $0.60 could test the next demand area at $0.55.
Ripple price is hanging on the edge of a cliff at $0.60. The bears are threatening to push the price below the short-term support level. The crypto is however still correcting higher, but marginally, besides, it is up 1.44% on the day.
One of India’s cryptocurrency exchanges, Coinone has added the support for Ripple (XRP) as a trading instrument. The news that was relayed via Twitter comes after Ripple price and other digital assets including Bitcoin enjoyed a brief bullish momentum yesterday. It is expected that the new support will push Ripple price towards $0.70. The tweet from by Coinone said:
“The Wait is Over, Ripple is now LIVE on Coinome. Deposits are now open, and XRP/INR trade will start at 1 PM, followed by XRP/BTC at 5 PM tomorrow (30th May). @Ripple @CoinomeOfficial.”
Ripple price can be observed to have sustained continued declines from the beginning of May after trading above $0.90. XRP/USD movements had been locked below a descending trendline until the brief rally that occurred yesterday. At the moment, it is trading above $0.60, but a major resistance can be seen at $0.65. The Stochastic has begun slopping while the gap between the 50 SMA and the 100 SMA increasing, showing that selling pressure is still present and the crisis is not over. If the sellers breach the support at $0.60, Ripple price could test the lows traded earlier this week at $0.055.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
