- XRP/USD is the loser of the day with over 8% of losses.
- Ripple hires a new General Counsel.
XRP/USD treaded water below $0.30 handle during early Asian hours but managed to recover to $0.3036 by press time. XRP is one of the worst-performing coins on the day nursing over 8% of losses on a day-over-day basis. It is still the second largest coin with the market value over $12.4B.
The sharp sell-off has to do with general market sentiments and technical factors. XRP/USD failed to pass a strong resistance created on approach to $0.3400, which triggered profit-taking on speculative longs.
At this stage, the short-term technical picture looks bearish, as the Relative Strength Index (RSI) points downwards. Psychological support at $0.30 is critical for XRP’s fate into the end of the week. Once it is cleared, the downside will be extended towards $0.2862 (January 30 low) with little to no barriers on their way.
On the upside, we need to see a sustainable move above $0.3080 (SMA200, 1-hour). This development will open un the way towards $0.3125-$0.3140 congestion zone, created by SMA50 (1-hour) and the lower boundary of the previous horizontal channel.
Ripple’s news
San-Francisco based Ripple hired Stuart Alderoty as a new General Counsel of the company. He will be responsible for the company’s compliance with the Bank Secrecy Act (BSA), legal and regulatory requirements. Alderoty’s background includes executive roles in HSBC and American Express and vast experience in litigations.
“Welcome to Team Ripple, Stu! So glad to have such an esteemed financial and legal expert on this wild journey with us. Never a dull moment when working to change the global payments system as we know it!” Ripple’s CEO wrote in his Twitter account.
XRP/USD, 1-hour chart
Share
