- XRP/USD has recovered from the recent low and tested area above $0.2100.
- Ripple’s partnership with Rippleworks improves the company’s image.
XRP/USD is changing hands at $0.2095 after an initial attempt to settle above $0.2100. The third-largest coin with the current market value of $9.18 billion has been range-bound with bullish bias after a strong sell-off on the past weekend and on March 9. XRP/USD has gained about 1% in recent 24 hours, though it is still down over 9% on a weekly basis.
From the technical point of view, a sustainable move above $0.2100 is needed to mitigate the initial bearish pressure and ensure further recovery towards $0.2280. This resistance area is created by a combination of SMA50 4-hour and the upper line of the 4-hour Bollinger Band. Also, this area creates a lower boundary of the range that preceded the recent sell-off. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2330-$0.2350 that includes SMA100 4-hour and SMA100 daily. The ultimate resistance comes at $0.2500.
On the downside, a sustainable move below $0.2050 (Tuesday’s low), will bring the price back to psychological $0.2000, closely followed by the recent bottom of $0.1985. A sustainable move below with area will worsen the technical picture and trigger a sell-off towards January 2020 low of $1846 and the lower line of the weekly Bollinger Band on approach to $0.1700.
XRP/USD 4-hour chart
Ripple partners with a non-profit organization founded by Chris Larsen
The US-based blockchain startup, Ripple, has entered a partnership with Rippleworks to promote ‘powerful initiatives’ around the world.
Rippleworks is one of the fastest-growing non-profit organizations, according to American business magazine Fast Company.
American business magazine Fast Company named Rippleworks one of the fastest-growing not-profit organizations of 2020. It was founded by Doug Galen and former Ripple’s CEO Chris Larsen in 2015 to support entrepreneurs and startups to develop their business. Larsen invested his money to start the foundation.
Doug Galen and I started Rippleworks 5 years ago to support practitioners tackling some of the toughest challenges of our time. While there’s so much more to do, I want to take a moment to celebrate the entire team on this achievement. Couldn’t be more proud!
As of October 2019, Rippleworks amassed assets worth over $370 million. The non-profit foundation converts ist XRP tokens to USD and use proceeds to finance promising projects.