Ripple Price Analysis: XRP/USD needs to regain ground above $0.2500 as soon as possible

• XRP’s supporters believe in coin’s imminent growth.
• XRP/USD slipped below $0.2500 after a short-lived move below $0.2600.

Ripple’s XRP, the third-largest digital asset by market value is changing hands at $0.2488. The coin has gained nearly 5% in recent 24 hours and lost 2%since the beginning of the day. Ripple’s current market capitalization is registered at $11 billion, the coin has gained over 30% since the beginning of the year.

XRP on the verge of a massive pump?

Despite that XRP is trading well below $1.00, some cryptocurrency traders are thrilled about XRP growth potential. They point out to XRP use cases and large partnership deals that resulted in such behemoths as Money Gram and PayPal incorporating Ripple’s technologies. 

Mark Brown, a digital asset reporter recently wrote on Twitter that XRP had been increasingly used by banks and large financial institutions, which is the biggest push for the cryptocurrency. 

Several Institutions who are making use of XRP/Ripple like Money Gram are saying that XRP is working great. They mean to say it works great at little value.   They are honest with small revenues, and SMEs benefit from them, and everyone is willing to come to XRP.

He also pointed out, that no cryptocurrency project would ever be able to become mainstream without governmental support.

XRP/USD: technical picture

XRP/USD bottomed at $0.1752 on December 18, 2019, and has been moving inside an upside channel ever since. A sustainable move above $0.2500 bodes well for XRP bulls; the next strong resistance is created by the upper line of the rising channel and SMA200 daily located on the approach of $0.2600. The coin attempted to break above this level on Sunday but retreated to the current range. It means that XRP/USD may have a hard time clearing this barrier. However, once it is out of the way, the upside is likely to gain traction with the next focus on $0.3000 with SMA50 weekly at $0.2970.

On the downside, the coin needs to get back above $0.2500 to retain the immediate bullish potential. If it is dragged down by the downside correction, the sell-off may continue towards $0.2300. This support is reinforced by SMA100 daily. Notably, both SMA100 and SMA200 still point downwards, which means XRP is not out of woods yet. If $0.2300 gives way, the next barrier of $0.2140 created by SMA50 will come into focus. It is followed by a psychological $0.2100, which coincides with the lower boundary of the upside channel.

XRP/USD daily chart