Ripple’s XRP is the third-largest digital asset with the current market capitalization is $8.9 billion and an average daily trading volume of $1.9 billion. XRP/USD retreated from the intraday high of $0.2061 to trade at $0.2045 by the time of writing. Despite the upside momentum, the coin is mostly unchanged since the beginning of the day as it has been trading within a short-term bearish bias amid low volatility.
A new initiative that may boost XRP
Coil, the platform for web monetization and one of the biggest Ripple investments, has announced the launch of a plugin for WordPress that will help to fast track the adoption of cryptocurrency and blockchain technology.
The solution will provide the site owners with an easy way to integrate Coil and get rewards in crypto assets such as XRP and in fiat currency.
Coil received financing from Ripple in 2018. Later on, the company participated in which participated in Coil’s seed round to the tune of $4 million.
Stefan Thomas commented:
Part of the inspiration for Coil was to break down the barriers that prevent creators from being paid for their work and their fans from being able to support them. By leveraging Interledger Protocol technology and partnering with Uphold, we’re continuing to tear down walls that make cross-currency transactions too expensive and inaccessible to many.
XRP/US: Technical picture
On the intraday chart, XRP/USD dropped back below the upside trendline, which is a negative development in the short run. Now this line serves as a pivotal resistance at $0.2080, reinforced by the recent recovery high. Once it is broken, the upside is likely to gain traction with the next focus on $0.2100 reinforced by the daily SMA100 and the middle line of the daily Bollinger Band. If it is broken, the next resistance of $0.2200 will come into focus. It is created by a daily SMA200.
On the downside, the initial support is created by 1-hour SMA50 at $0.2040. It is followed by 1-hour SMA200 on approach to psychological $0.2000.
XRP/USD daily chart
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.