Ripple price analysis: XRP/USD idling above $0.60, waiting for positive effect from Ripple’s re-branding initiative

• Ripple is sidelined above $0.60 handle  in Asia.
• Ripple’s re-branding strategy may support the coin in longer-term, if successful.

Ripple, the third largest coin by market value, is changing hands at $0.6080, back above important $0.60 handle, but still off Wednesday’s high reached at $0.6262. XRP/USD is unchanged since the start of the day with current market cap $23.9B.

Meanwhile, Ripple company is running a rebranding campaign in an attempt to draw a clear line between the company and the digital coin. The reason behind this move is to answer the criticism about the centralized nature of XRP and convince regulatory authorities that it is not a security. It remains to be seen whether the re-brand helps Ripple to distance itself from the currency and prove its point. But it may provide the impulse that will help the coin to break free from Bitcoin and gain sustainable long-term upside momentum.

Ripple technical picture

Technically, XRP/USD broke above $0.6000 handle, but no follow through cast doubt on the sustainability of the breakout. 50-SMA (hourly chart) at $0.6057 serves as near-term support, followed by $0.60 and $0.5929 (100-SMA). On the upside, a sustainable move above $0.61 attract buying interest and push the coin towards May 30 high at  $0.6262 and to the next psychological level $0.6300.  

XRP/USD, the hourly chart