Tanya Abrosimova
Independent Analyst
- Ripple's XRP lacks momentum, stays under $0.3600.
- Dilip Rao will speak at the seminar at the World Bank.
XRP/USD has lost 5% of its value in recent 24 hours to trade at $0.3570 by press time. The second largest cryptocurrency with a market value of $14.2 has been retreating amid global cryptocurrency sell-off, though it holds pretty well as compared to its main rivals.
Meanwhile, Ripple's supporters discuss the upcoming seminar at the World Bank where Dilip Rao, Global Head of Infrastructure Innovation at Ripple, is going to speak about the benefits of RipleNet.
The event devoted to Distributed Ledger Technology (DLT) for Payments Infrastructure Innovation will take place on November 29.
"The speaker will present the qualities of DLT that solve for fundamental paint points such as cost, speed, and transparency," according to the announcement.
Ripple's technical picture
From the long-term point of view, XRP/USD is capped by a strong resistance area created by a confluence of technical indicators including DMA100 and DMA200 at $0.4630-$0.4680 zones. It needs to be broken before Ripple's bulls can hope for an extended recovery towards psychological $0.50 and $0.52 (the upper border of the recent channel).
On the downside, the ultimate resistance comes with $0.33. It is followed by the recent low of $0.3237 and pivotal $0.2514 that stopped the decline twice, in August and in September. This support creates the lower border of the long-term channel, which means it will be a hard nut to crack for the bulls
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