- XRP/USD is the worst-performing cryptocurrency out of top-20.
- Ripple’s CEO announced that xRapid tehcnology is about to go live.
XRP/USD is changing hands at $0.5702, off Monday’s high reached at $0.6047. The third largest coin by market cap has lost over 4% day-on day basis as a strong resistance at $0.6000 handle discouraged the bulls. XRP’s market capitalization has settled at $22.7B, down from the recent peak of $23.5B, while an average daily trading volume is registered at $1.3B.
What’s going on
Ripple’s community is waiting for xRapid technology to go live. Speaking at Swell Conference, Ripple’s CEO Brad Garlinghouse announced that three financial institutions would start using xRapid technology to process international transactions.
The pilot phase of the product roll-out showed high settlement speed and a significant cost reduction. The company expects that xRapid will help to reduce costs by 40-70% as compared to traditional systems.
It is worth noting that financial institutions won’t have to hold XRP to complete transactions via xRapid. They will buy it from exchanges once needed.
XRP/USD, technical picture
Looking technically, XRP/USD is supported by $0.5620 (SMA100, 1-hour chart) and psychological $0.5600. This support is followed by $0.5388 (SMA200, 1-hour) and $0.5343 (Monday’s low). On the upside, the immediate resistance is seen at $0.5790 (SMA50, 1-hour) and psychological $0.6000, followed by Sunday’s high at $0.6227.
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