Analysis

XRP set to breach $0.36347 key resistance as market turns green

XRP

The cryptocurrency market is once again back in the green following the correction yesterday and most of the coins have recorded moderate to significant gains in the past 24 hrs. At the time of press, the total market cap of the cryptocurrency industry stands at $182 billion which is above the $180 billion mark and bodes well for the future. EOS is leading the recovery among the major cryptocurrencies with gains of more than 5 percent. The flag bearer of the community, Bitcoin is gradually making its way up and at the time of print, the coin is trading at $5251.05, up by nearly 1 percent. The king among the altcoins, Ethereum is also up by nearly 2 percent and is trading at $179.06. At the time of press, Ripple’s XRP is trading at $0.356192 and is up by 1.54 percent. The digital asset recovered from an intraday low and attempted a breakthrough above $0.3600 handle. The total market cap of the coin stands at $14.8 billion and the daily trading volume for the past 24 hrs stands at $1.04 billion.

XRP/USD

At the time of print, the cryptocurrency has found support at $0.35370 and is trading well above it. It is trying hard to break through the $0.3600 handle but it is turning out a hard nut to crack. At the time of press, the coin has retreated to $0.35659, though bullish sentiments are gaining momentum. The key resistance for the coin stands at $0.36347 and there is every chance that the coin might breach it. The hourly RSI indicator stands at 54.4555 which suggests that the coin is fast approaching the overbought territory. The MACD shows that the coin is in the bullish zone and the 100 EMA line shows an uptrend. If we take a closer look at the charts, we’ll find that an upward trend might gain traction if other factors remain supportive.

XRP/BTC

At the time of print, the digital asset is up by 0.57 percent and one XRP is equivalent to 0.00006783BTC.

Latest Updates

  • In an important development last month, Federal Bank of India announced that it has partnered with Ripple to utilize the global remittances payment system. The partnership comes at a time when Ripple is vigorously searching for partnerships, especially with traditional financial institutions. The partnership will help Federal Bank of India prosper its already existing blockchain technology products.
  • In another development last month, Forte, the blockchain based gaming startup, joined hands with Ripple’s Xpring to form a $100 million fund to support game developers who are interested to employ blockchain technology.

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