- Ripple (XRP) is available in fiat trading pairs including XRP/AUD, XRP/NZD, and XRP/USD.
- In case the 100 SMA fails to hold ground, the 50% Fibonacci level will halt further declines at $0.47.
Ripple price is trading between the support by the 100 SMA at $0.4763 and the 50 SMA resistance at $0.4794. The trend is bullish at the moment, but the upside has been locked below $0.480. The price is also trading a contracting triangle, however, it is approaching a breakout that could culminate in an upward movement above the upper supply zone $0.50.
Ripple price had ignored the support from Australia’s regulated cryptocurrency exchange, Independent Reserve. The listing was announced on July 5, the exchange has four more tradable instruments including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). The trading kicked off on July 7 and the available trading pairs include XRP/AUD, XRP/NZD, and XRP/USD. Other trading pairs will be crypto-based with virtual currencies like BTC, LTC, ETH, BCH, and LTC. The CEO of Independent Reserve, Adrian Przelozny said with regards to XRP listing:
“The addition of XRP is in line with our strategy of adding high-quality digital currencies in a thoughtful and measured way. There is a wide universe of digital currencies out there now, but to be listed on Independent Reserve they need to meet a range of criteria including quality, stability and volume metrics. Our clientele has been requesting XRP, and we felt this timing was right to offer it to them,”
Ripple price analysis
Applying Fib retracement levels shows that XRP/USD will face more resistance at the 61.8% Fibonacci level with the last swing high of $0.51 and a swing low of $0.42 marginally above $0.480. The descending trendline will also limit the gains before $0.490, but the critical resistance zone is at $0.50. In case the 100 SMA fails to hold ground, the 50% Fibonacci level will halt further declines at $0.47 above the lower immediate demand zone at $0.46.
XRP/USD 1-hour chart
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