- Ripple price likely to bounce from the key support at $0.2686 in favor of another run-up to $0.30.
- Ripple’s fundraising branch Xpring expands with new hires in a bid to increase XRP adoption.
The cryptocurrency market is painted red for the second day in a low. Ripple recently failed to break the resistance at $0.29. The resistance left the critical resistance at $0.30 untested but opened the door for the ongoing corrections.
Ripple is trading 1.22% lower on Tuesday after testing support at $0.2686. Minor movements have been made to the upside in both the Asian and European sessions. Besides, the cryptocurrencies live rates show the trend as bearish amid low volatility levels.
XRP adoption
Several recent developments suggest that Ripple is making XRP adoption its number one priority. For example, Xpring, Ripple’s arm in charge of fundraising is looking to hire ten more staff fill positions such as senior infrastructure engineer and director of product management. The new hires will position Ripple as a key player in the ecosystem to ensure that developers and engineers have access to funding to come up with enterprise applications executing the XRP Ledger. In a statement, Ripple said that Xpring:
Builds tools, offer services, and provide support to developers to make it easy to build on our core open-source technologies: the XRP Ledger and the Interledger Protocol (ILP). We help developers add money into their applications on using XRP and ILP.
Ripple confluence resistance and support areas
Ripple’s losses seem to be finding containment above the key support at $0.2686. The region is home to several indicators including the previous low 1-hour, the Bollinger Band 15-minutes lower, previous low 4-hour, and the Fibonacci 38.2% one-week. A reversal is anticipated to take place in the same range where XRP will find boost to the next hurdle at $0.2770. Advancement above $0.30 will depend on Ripple’s ability to move past other mild resistance zones such as 0.2826, $0.2939 and $0.2967.
On the other hand, if the support at $0.2686 fails to hold the price, XRP could potentially spiral to the next support at $0.2546. Further downside movement will more support at $0.2489 and $0.2405.
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