Ripple Price Analysis: XRP/USD breaks below upside trendline
|- Ripple's XRP may be vulnerable to new losses if it fails to recover above $0.1900.
- Ripple announced the release of a new version of XRP Ledger.
Ripple is the third-largest digital asset with the current market value of $8 billion and an average daily trading volume of $2.3 billion. At the time of writing, XRP/USD is changing hands at $0.1840, down 3% on a day-to-day basis and 3% since the beginning of the day. The coin is moving in sync with the market, which is controlled by short-term bearish sentiments.
XRP/USD: Technical picture
On the daily chart, XRP/USD broke below the upside-looking trendline (currently at $0.1930) and settled below the psychological $0.1900. This development has worsened the short-term technical picture. A failure to get back above $0.1900 may put the recovery from March 13 low at risk. Meanwhile, the psychological barrier of $0.1900 is reinforced by daily SMA50 that has served as a strong resistance since March 7. If it is cleared, the recovery may extend towards $0.2000.
On the downside, a sustainable move below $0.1800 (the middle line of the daily Bollinger Band) will open up the way to $0.1720-$0.1700 (4-hour SMA200) and $0.1600 (the lower line of the daily Bollinger Band).
XRP/USD daily chart
XRP Ledger 1.5.0 to be released on Testnet
Paul Anderson, Ripple's Senior Product Manager (SPM), announced the upcoming release of XRP Ledger (rippled) version 1.5.0 and 1.6.0-b1 (first beta) and shared the new features included in the release.
XRP Ledger v1.5.0 has an improved logic of intranetwork interaction and a host of new features for developers and coders, including API toolkit and Remote Procedure Calls (RPC and gRPC) operations, the command-line interface (CLI), and the protocol handshaking logic.
The upgraded XRP Ledger Devnet hosted by the Xpring team at Ripple gives developers early access to the latest beta version of the Ledger.
Version 1.5.0 will be uploaded to the XRP Ledger Testneton on April 15. Thus, developers will be able to test their applications out with faux XRP coins that "mirror the latest stable version running on XRP Ledger Mainnet."
Lastly, on Wednesday, 2020-04-15, Xpring team will be updating its own XRP Ledger Mainnet rippled servers, including clusters and validators, to version 1.5.0.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.