Tanya Abrosimova
Independent Analyst
- XRP/USD defies gravity, gaining over 19% in a couple of days.
- Several fundamental factors are supportive of Ripple's coin growth.
XRP/USD is hovering around $0.54 handle after a short-lived growth to $0.5668 high during Tuesday's session. Ripple's cryptocurrency gained over 19% in just a couple of days and temporarily pushed Ethereum from the second place in global cryptocurrency rating. RIpple's market value now registered at $21.5B with an average trading volume of $1.2B.
Asia expansion, Apple Pay integration, and Mastercard support
Experts believe that the sudden growth was triggered by Ripple's expansion in the Asian region and technical factors among others. This momentum will hardly be sustainable unless we witness a major shift in sentiments on cryptocurrency markets.
Also, a news that XRP may be added to Apple Pay through Wirex served as an additional catalyst that allowed the coin to explore the area above $0.54. While the Apple Pay integration is not a done deal yet, the community was very enthusiastic about it
Earlier this week it has become known that the payment company SendFriend backed by Mastercard и MIT Media Lab will use Ripple's technology xRapid.
“That allows us on the back end to be more efficient with our capital. These are real-time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.” MIT's CEO and founder David Lighton commented.
Ripple's technical picture
XRP/USD stays above key technical levels with the Relative Strength Index in an overbought territory. This means that the coin is vulnerable to the downside correction with the vital strong support at $0.50, strengthened by DMA200. If it is broken, the DMA50 at $0.4839 will come into focus.
On the upside, a sustainable movement above $0.55 will increase the bullish pressure and open up the way towards the recent high at $0.5668.
XRP/USD, the daily chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 meme coins price prediction Dogecoin, Shiba Inu, Bonk: Memes face steeper correction than Bitcoin
Dogecoin eyes February lows after nearly 23% decline in the past seven days. Shiba Inu could plummet another 13% amid the broader crypto market correction. Bonk price is likely to regain lost ground as technical indicators point at recovery.
XRP sustains above $0.50 as traders digest news of Ripple XRP Ledger entry in the Japanese market
Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February.
Optimism OP struggles to gain momentum despite alleged $90 million OP purchase by a16z
Venture capital firm a16z has purchased $90 million in OP tokens under a two-year vesting period, Unchained crypto reports. Sources told Unchained Crypto that Optimism has done well and the project is still doing airdrops.
Sei price action forecasts an opportunity to accumulate SEI Premium
Sei (SEI) price is at a crossroads and could trigger a steep correction or potential bounce after setting up an all-time high (ATH) of $1.145 roughly a month ago. Based on the Bitcoin price action, a potential bounce will likely occur anytime now.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.