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  • XRP/USD resumed the downside, losing nearly 3% in recent 24 hours.
  • Brad Garlinghouse does not believe in a happy future for altcoins.

XRP/USD is changing hands at $0.5236, moving within the short-term downside trend from September 30 high reached at $0.6227.   The third largest coin by market value has lost nearly 3% day-on day basis after a short-lived recovery on Thursday. XRP’s market capitalization has settled at $20.9B, while an average daily trading volume is registered at $595B.

What’s going on

Ripple’s CEO Brad Garlinghouse made quite a few interesting remarks and comments during the   Ripple’s Swell Conference this week. Speaking to  media outlet Cheddar, the head of the  San Francisco-based company, said that speculators are playing with fire as over 90% of currently  existing digital coins (there over 2,000 of them) will cease to exist.

This altcoin-apocalyptic point of view is shared by  Ted Rogers, the CEO of cryptocurrency platform Xapo, who said back in August that 90% of tokens would collapse.

XRP/USD, technical picture

Looking technically, XRP/USD is capped by SMA50 (1-hour) at $0.5287, which is closely followed by the above-mentioned downside trendline. This area will be a hard nut to crack for the bulls, however, once it is cleared, the recovery may be extended towards  $0.5455 (SMA200, 1-hour), and $0.5478 (SMA100, 1-hour), followed by $0.5500 (psychological level).

On the downside, the first support is produced by $0.5200 handle. Once it is broken, the sell-off may continue towards $0.5064 (September 3 low) and to $0.5000.

XRP/USD, 1-hour chart