Ripple Price Analysis: XRP/USD moves above DMA100, still below $0.2400

• The fintech company is working on an extended functionality of its Ledger.
• XRP/USD regains ground, however, the key resistance level remains unbroken.

Ripple developers to allow creating proprietary tokes on  XRP Ledger

Ripple is creating new functionality that will allow users to issue asset-backed tokens on XRP Ledger, according to the Chief Technical Officer David Schwartz.

He explained that Ripple was looking into ways to expand its network functionality and usability by allowing third parties to create their own cryptocurrencies based on XRP ecosystem. Schwartz did not go deep into details but mentioned that they were considering the issuance of tokens with a fixed price.

Some other blockchains have been offering this option for some time now. Thus, Tether has various versions based on different blockchains. However, Schwartz emphasized that XRP-based tokens would have “guaranteed liquidity”.

XRP/USD locked below $0.2400

Ripples XRP has been gaining ground above $0.2300 since the beginning of the day. The third-largest coin with the current market value of $10 billion, stayed unchanged on a day-to-day basis but gained over 4% since the beginning of Monday.  As reported by the FXStreet, Ripple unlocked 500 million XRP tokens from its escrow wallet on Sunday. The team releases chunks of the supply to the market on the first of each month.

From the technical point of view, XRP/USD moved above SMA100 daily (currently at $0.2325), which improved the technical picture. This line has been limiting recovery since the weekend. As it is out of the way, the upside is likely to gain traction with the next focus on $0.2400 and $0.2520 reinforced by SMA200 daily. A sustainable move above this area is needed to mitigate the initial bearish pressure and ensure an extended recovery.

On the downside, once $0.2300 gives way, the sell-off is likely getting a new boost with the next bearish target at $0.2245 (February 27 low) followed by $0.2070 ( the lower line of the daily Bollinger Band).

XRP/USD daily chart