Search ForexCrunch
  • XRP/USD recovered from losses to trade with 7% gains.
  • SBI Ripple Asia receive the license as a payment operator.

XRP/USD is changing hands at $0.5348, off Wednesday’s high reached at $0.5733. Despite this retracement, the third largest coin by market value is still nearly 7% day-on-day basis. XRP’s market capitalization has reached $21.3B, down from the recent peak of $22.9B, while an average daily trading volume is set at $1.6B.  

Late on Wednesday Ripple’s cryptocurrency managed to displace Ethereum and temporary occupy the second place in the top chart of global cryptocurrencies for the second time in recent seven days.  

While ETH is on a bad streak due to internal issues and the regulatory uncertainty about the status of ICOs hosted on Ethereum platform., Ripple’s cryptocurrency enjoys a steady flow of good news. In recent positive development, the Japanese regulator granted SBI Ripple Asia a license for handling electronic payments with the Kantou bureau of Japan’s Ministry of Finance. This development will allow the company to deploy its payment app  MoneyTap, based on Ripple’s blockchain tech.

XRP’s technical picture

Looking technically, XRP/USD is supported by psychological $0.50 and SMA50, 1-hour chart, (currently at $0.4980). This area is likely to hold bears at bay. However, once it is cleared, the sell-off may be extended towards $0.47900 (SMA200, 1-hour). On the upside, the recovery is capped by $0.5445 (the lower line of the previous channel) and Wednesday’s high at $0.5733.

XRP/USD, 1-hour chart