Ripple price rebounds sharply today as the correction from recent highs stalled around 0.28 mark. Ripple price leads the way today in cryptocurrencies market, adding over three percent. Headlines that the New York State Department of Financial Service has licensed eight cryptocurrencies for trading and sale and ten for custody boosted the sentiment in the cryptocurrencies universe.
Those cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin, Binance USD, Gemini Dollar, Pax Gold, and Paxos Standard Token. Ripple and Ethereum Classic have been approved for custody. NYDFS has set transparent processes each entity needs to pass to receive the license. The procedure includes documentation on how the entities will maintain, and deal with the risks associated with cryptocurrencies trading.
Meanwhile, Bitcoin after a short trip today above the 12,000 mark retreat to 11.750. Ethereum has also pared gains, as of writing is 0.08% higher at 390.04. Litecoin is 0.53% higher at 57.27. Ripple capitalization stands now at 13.10 billion, while the capitalization of the top 100 cryptocurrencies is at 358.65 billion.
Ripple Price Daily Analysis
Ripple price is 3.01% higher at $0.2985, in an attempt to break above the 0.30 mark, and regain the bullish momentum. The recent correction stalled at 0.28 as Bitcoin return close to 12,000 mark. Resistance for Ripple stands at 0.3007 the daily high, while more sellers await at 0.3102 the high from August 7. The recent high at 0.3267 is the next supply zone.
On the flipside, support for Ripple is at 0.2827 today’s low. Below 0.2827, bears would target 0.2780 the low from August 7. Next support would be met at 0.2424 the low from July 31.
Ripple Price Daily Chart