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Ripple Price Analysis: XRP/USD Accelerating Gains Towards $0.66

Ripple showcased a decent price action above $0.60 in value against the USD. XRP prices retested the resistance zone at $0.62 to $0.625 yesterday. However, XRP closed the trading day without showing an upward trend above $0.625 as the price settled at $0.6201 against the USD. The price corrected later on but in this case, the correction was downward, and XRP traded below the value of $0.6150 level. It continued a steady decline to a new retracement level at $0.5815 low and $0.6201.

On the downside, the XRP/USD pair had a number of support levels above the $0.60 level. Afterward, XRP had a short-term bullish trend line connecting the $0.60 support level to a new support level at $0.6060 on the hourly chart against the USD. Below the trend line, the retracement level of the $0.5815 low to $0.6201 low positioned near the level $0.6008 to prevent losses. Below $0.6000, XRP buyers appear again at the next primary buy zone near $0.5850. If the XRP prices manage to remain above the levels of $0.6000 and $0.5850 support levels, the prices will continue to form an upward trend on the charts as XRP gains momentum to new support levels of $0.6200.

The charts show that the XRP price remains well supported just above $0.5850 support levels. This statistics presents a number of possible downsides as the XRP price could face another correction in the near term, even though the charts currently indicate that in the event of a downward correction, the levels $0.6000 and $0.5850 are likely to hold. On the upside, XRP prices have to move above the support level of $0.6250 to accelerate the gains for XRP towards $0.6600.

Ripple is currently ranked as the 3rd most valuable cryptocurrency in the world, with a total market capitalization of $24 billion. In the last 24 hours, XRP/USD pair had traded a total volume of $267 million and counting. On 1st June 2017, XRP opened the month trading at $0.2439 against the USD, with a market capitalization of $9.33 billion. Concerning the day’s 24 hours of trading volume, XRP traded a total of $160.3 million. This market statistics is expected to gain moment given the rapid development of Ripple’s infrastructure, and the growing number of partnerships Ripple is reportedly making with major financial institutions around the world.

The latest development that is drawing the attention of cryptocurrency investors is the release of the new version of the Ripple software, Ripple v1.0.0, following six years of research and development to improve on the current features of Ripple’s software. On the other hand, there is the successful partnership between Ripple and the Santander Group through the first mobile app to leverage blockchain technology in cross-border payments. The partnership is of immense value as Santander is the first major European Bank to use Ripple’s blockchain. Other major financial institutions looking to implement Ripple’s blockchain is Kuwait’s largest lender, Kuwait Finance House.

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Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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