- XRP/USD fails to get above $0.52, recovery stalled.
- Paul Krugman hints that XRP is not a currency, citing NYT article.
XRP/USD peaked at $0.52 and retraced to $0.4820 at the time of writing. The third largest coin by market value lost 5% on a daily basis as the recovery from recent lows proved to be short-lived.
From the technical point of view, the sellers came in on approach to critical resistance around $0.52, but the price is supported by $0.4730 (100-SMA, 1-hour chart) and $0.4666 (200-SMA). It the upside momentum is nowhere to be seen, which means that XRP is vulnerable to another wave of selling.
On the upside, the ultimate resistance comes at $0.5600, which is 78.6% Fibo retracement. The bulls have to clear it before they can count on an extended recovery towards $0.60 and $0.6470, which is the next Fibo level.
Meanwhile, Paul Krugman is sceptical about cryptocurrencies that are seldom used for real economical purposes.
” If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” he tweeted citing the recent article from the New York Times.
XRP seems to be one of the tokens that are not used in transactions. What’s more, there are experts who argue that it is a security, illegally issued by Ripple company.
XRP/USD, 1-hour chart
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