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  • XRP/USD is sitting in a tight range, unchanged from Monday.
  • Ripple’s community signs petition to make XRP an official cryptocurrency of summer Olympic games in Tokyo.

XRP/USD is changing hands at $0.4846, off the Monday’s high reached at $0.5003. The third largest coin remains unchanged on a day-on-day basis, locked in a tight range after two weeks of volatile trading. XRP’s market capitalization has settled at $19.3B, while an average daily trading volume is registered at $492B.

What’s going on

Meanwhile, Ripple’s XRP has a real chance to become an official currency of Summer Olympic games that will take place in Tokyo in 2020. Crypto enthusiast Ken Takahashi published a petition with the request to make XRP the official cryptocurrency of the Games only four days ago, but it has been already signed by over 11,000 people. Mr. Takashi believes XRP adoption will support tourist infrastructure and help remove many bottlenecks related to a massive inflow of foreign visitors.

“As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.

We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem.”

XRP/USD, the technical picture

From the technical point of view, XRP/USD is supported by SMA50 (1-hour) at $0.4820. This support is closely followed by $0.4800, where fresh short-term buying interest is likely to appear. If this area is broken, the sell-off may be extended towards $0.4700 and $0.4669 (Sunday’s low).

On the upside, the local resistance is produced by SMA100 (1-hour) at $0.4955. Once this hurdle is out of the way, the recovery may be extended towards psychological $0.50 (also, Monday’s high) and $0.52 (SMA50, 4-hour).

XRP/USD, 1-hour chart