- XRP/USD regained some ground on Friday, no breakthrough.
- Ripple Labs published 3Q market report.
XRP/USD is hovering just below $0.4600 handle, gaining about 1% of its value since this time on Thursday. The third largest coin with a market value of $18.5B has been directionless at least for a week amid quiet trading at the cryptocurrency market.
XRP’s technical picture
XRP/USD reversed from short-term trend-line support at $0.4515 and recovered to $0.4600. While the further upside is limited, the coin moves within an intraday bullish trend as long as $0.4515-$0.4500 area remains intact. Relative Strength Index (RSI) stays flat amid non-existant momentum, however, speculative positioning on approach to a tough technical area may create a strong impulse.
Once the price moves above $0.4620-$0.4630 area that encompasses SMA50 and SMA100, 1-hour, the upside may be extended towards the congestion zone at $0.4700.
Meanwhile, Ripple Labs published its quarterly report on XRP, which revealed some positive trends. The company sold over $160 million XRP tokens in 3Q, which accounted for 0.43% of the total XRP volume.
XRP’s price increased in the reporting period from the lowest point of $0.2515, reached on September 14, to the highest level registered at $0.7663 on September 21. Since that time, XRP has lost some ground to trade at $0.4600.
The whole Ripple’s market value is over $40B, though only $18.5B of these funds are in circulation.
The company emphasizes its successful activity in promoting XRP’s real-life use cases through partnership agreements.
“Industry activity continued its growth with a myriad of announcements (e.g., Coilbegan testing its web monetization product with more than 200 websites enabling XRP payments), although three trends stood out in Q3,” the report says.
Also, Ripple Labs noted growing momentum of Wall Street adoption as many large financial institutions, including Goldman Sachs Group, showed interest in gaining the exposure on the digital assets market.
XRP/USD, 4-hour chart
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