Ripple price analysis: XRP/USD downside supported above $0.60, Ripple releases ripped version 1.0.0

• The software upgrade has been developed to increase the stability of the decentralized network.
• A break above the short-term resistance zone at $0.62 will allow XRP/USD to gain momentum to retrace towards $0.65.

Ripple price is trading within a rising wedge pattern on Friday, but the upside is still limited below the stubborn resistance at $0.62. The crypto is also battling to correct higher and is up a subtle 0.58% on the day.

Before diving deeper into the analysis, it is good to note that Ripple released its rippled version 1.0.0 on May 31.  The upgrade comes after 6 years since the hard fork. It is meant to mark the maturity that the XRP Ledger has achieved so far. The software upgrade has been developed to increase the stability of the decentralized network along with the nodes from across the world. The team, however, said they will go on with the semantic versioning ((MAJOR.MINOR.PATCH). All the sever operators across the world have been advised to carry out the upgrade in accordance with the instructions to avoid what the team calls server amendment block.

In the meantime, Ripple is dancing with $0.614, while the downside has been supported by the ascending trendline as observed on the chart. The 50 SMA and the 200 SMA are closing in to show that a bullish momentum is in the pipeline. A break above the short-term resistance zone at $0.62 will allow XRP/USD to gain momentum to retrace towards $0.65 but all eyes are still set on $0.70 in the long-term. Below the ascending trendline, the moving averages on the 1 hour-chart will offer support above $0.60, however, $0.58 – $0.56 is a good entry position for the buyers.

XRP/USD 1-hour chart