- Ripple retraced from Asian high as recovery losing momentum.
- SBI Holdings launched the cryptocurrecny exchange.
Ripple, the third largest coin by market value, is changing hands at $0.6681 after reaching $0.7040 high during early Asian hours. It has been highly volatile on Monday as the recovery attempt failed to take the price above the critical resistance level. Ripple’s market value is $26.4B, average daily trading volume – $496M.
Meanwhile, SBI Holdings announced on Monday that its proprietary cryptocurrency exchange service known as VCTRADE is now live for pre-registered users, while a wider public will gain access to the cryptocurrency in July. VCTRADE will focus on XRP. Later on the exchange will add support for BTC and BCH, though the timeline is not clear yet.
This news triggered XRP’s upside in Asia, but the momentum faded away as the coin failed to move beyond $0.700 cap.
Ripple technical picture
Technically, XRP/USD broke above $0.7000 handle, but there was no follow through, that’s why the coin returned to the previous range. The resistance created by $0.7000 and $0.7070, which is 50% Fibo retracement of the upside from $0.4505 to $0.9649. Once it is cleared, the price will move towards 100-DMA at $0.7100 and 50-DMA at $0.7350. On the downside, the support comes at $0.6470 (61.8% Fibo), followed by $0.6100 and $0.6000.
XRP/USD, the daily chart
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