Tanya Abrosimova
Independent Analyst
- XRP/USD is growing in sync with Bitcoin, $0.4600 in sight.
- Weiss Ratings survey shows, 78% of users prefer using XRP to move funds.
XRP/USD is trading at $0.4570, having retraced from the intraday high reached at $0.4600. Ripple's coin has recovered from early Asian low at $0.4370 following the lead of Bitcoin, which has catapulted to $8,000. While the upside momentum is not strong enough, a sustainable break above $0.4600 might support the nascent rally. XRP's market value is registered at $17.8B with the average daily trading volume $231M from $169M on Monday.
Meanwhile, Ripple is recognized as the preferred cryptocurrency for moving digital assets between cryptocurrency exchanges, Weiss Ratings report shows. The company conducted a survey in Twitter asking the subscribers to choose the best coin for moving funds between exchanges. 78% voted for XRP. the second place goes to Ethereum (8%).
Ripple's technical picture
From the technical point of view, XRP/USD stays above both 100 and 50-SMA (1-hour chart) at $0.4523; fresh buying interest spotted around this area, keeps XRP's short-term bears at bay; however, if this area is cleared, the downside may be extended towards $0.4500 and $0.4290 (Friday's low). On the upside, the local resistance comes at $0.4600 (early Asian high), followed by $0.4677 (200-SMA) and $0,4800.
XRP/USD, 1-hour chart
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