Ripple's price analysis: XRP/USD received a short-term boost on Luno listing news
- Cryptocurrency exchange Lune will add XRP to the list of tradable instruments.
- The initial resistance is created by the level of $0.2400.
Ripple (XRP), the third-largest digital asset with the current market value of $10.5 billion, has gained about 1% of its value in recent 24 hours. Now it is trading at $0.2370 after an unsuccessful attempt to settle above $0.2400 during early Asian hours.
Cryptocurrency exchange Luno adds XRP support
London-based cryptocurrency trading platform Luno will add XRP to the list of tradable assets following the results of a year-long poll, run among Luno's 3 million users, Forbes reports citing knowledgeable sources.
Currently, Luno users have access to Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). XRP shall be listed on the platform within the next two weeks.
The exchange with A grade according to CryptoCompare website asked users about their favorite coin apart from Bitcoin and Ethereum. Ripple's XRP received the overwhelming majority of votes, two times as much as Bitcoin Cas, which was added t the platfrom in September 2019.
XRP/USD: technical picture implies more range-bound trading for now
XRP/USD settled above SMA100 daily currently at $0.2327. While this is a positive technical signal that implies that the coin has bottomed out, the upside momentum has yet to gain traction. A sustainable move above $0.2400 is needed to mitigate the initial pressure and allow for an extended recovery towards the next barrier created by SMA200 daily at $).2520 and SMA50 daily chat $0.2560. The ultimate resistance comes at $0.2750 (the broken neckline of a head-and-shoulder formation).
On the downside, once the above-mentioned SMA100 daily is out of the way, psychological $0.2300 and the recent low of $0.2245 will come into focus.
XRP/USD daily chart
Author
Tanya Abrosimova
Independent Analyst
