Just like most currencies, ripple price also benefited from the US dollar’s weakness. XRPUSD closed yesterday’s trading with a 4.33% profit. Can it extend its gains?
In this section, you will find important Ripple price news, actionable trading ideas, and a live XRPUSD chart to help you understand the markets better.
What is Ripple?
Ripple or XRP is a digital currency created in 2012 as a standard of exchange on the Ripple payment protocol. XRP was mainly built for corporations to use as it aims to be a fast, secure and cost-efficient cryptocurrency for sending money around the world using blockchain.
Financial institutions and payment providers can use XRP to reduce their transaction costs and enter new markets. XRP exists within the Ripple Payment and Exchange Network and can be used for transactions between traditional currencies such as USD, EUR, GBP, and other cryptocurrencies through the RippleNet payment network. A major difference between Ripple and the other major cryptocurrencies is that the XRP is not mined. There is a fixed stock of 100 billion XRP controlled by Ripple Labs, the company that created XRP.
XRPUSD is a pair that shows how many US dollars it costs to buy one XRP. The XRP price at the time of writing was $0.399672 with a market capitalization at 17 billion dollars which made it the third-largest cryptocurrency after Bitcoin and Ethereum.
Live Ripple Price Chart
Ripple Price News(XRPUSD)
The recent uptick in ripple price has allowed XRPUSD to break its trendline resistance. But does the cryptocurrency have enough momentum to trade higher?
Ripple price trades lower today after yesterday’s sharp gains that stalled at the 50 and 100-day moving averages. A second attempt today to break above the 50-day moving average matched with intense selling pressure
Ripple price has failed to sustain its gains above the $0.2000 psychological handle. More than its recent downtick, however, the bigger picture shows that there could be more downside potential ahead of XRPUSD.
Further upside to Ripple price action seems to have stalled, as price is forming progressively lower tops which are pressuring the horizontal support.
Ripple price crashed during the Asian session to the lowest level since April 16 but managed to rebound and as of writing reversed losses and trades positive.
Ripple price is trapped between the 50 and 100-day moving averages for eleventh trading session. This is the longest period that the XRPUSD trades in such a narrow trading range.
Ripple price has been steadily trading lower since the end of April. To make the setup more bearish for XPRUSD, a head and shoulders pattern has formed. Here are the key levels your need to keep tabs on.
Ripple price has regained some ground after aggressively selling off and losing over 11% earlier this week but technicals suggest it could drop soon.