XRP, directly the third-biggest crypto with an ongoing market capitalization of $8.8 billion, has plunged about 2% of its price, trading at $0.2000 at the hour of writing. The crypto reversed from the price level at $0.2255 arrived earlier this week, after announcing that Binance had added the token to the list of cryptos accessible for futures trading, with leverage up to x75.
Also, in an ongoing discharge, Alloy Networks reported a completely independent token electrical transfer board. The gadget turns on and off contingent upon the number of tokens received and, accordingly, fills in as an indicator of the XRP token.
Also, the Ripple payment innovation gives a consistent exchange of cash using a versatile payment application, as reported by the Siam Commercial Bank. SCB, which is the oldest bank in Thailand, additionally would like to expand the application called SCB Easy to Cambodia, Laos, Myanmar, and Vietnam. Besides, the bank intends to cooperate with Ripple by cross-border payments by EMVCo QR for micropayment services. The application utilizes the Ripple messaging platform, that is organized to contend with Swift. But it doesn’t use XRP.
The upheaval in the cryptocurrency market reinforced this week. The market as a whole has adjusted higher with digital currency such as Bitcoin and XRP, which are growing remarkably in price. Most cryptocurrencies are trending significantly higher than the levels announced in December.
XRP continues to dance on the fringe of the cliff after a recent $0.225 level failure. Losses occur simultaneously with the decline in all directions over the past 24 hours.
Monday’s recovery this week was remarkable ample for XRP to overcome the $0.20 critical level. However, the bulls lost their momentum, and XRP declined into a classic U-turn, breaking through preliminary support at $0.21 level.
Critical Support for XRP/USD Level of $0.2000 Excites Further Bears
Supply Levels: $0.2000, $0.1930, $0.1850
Demand Levels: $0.2255, $0.2200, $0.2100
The coin completely changed all the gains of the week. A steady move beneath the $0.2000 price level may nullify the short-term bullish tune and bring new sellers to the market.
The next support is at $0.1930, which is the lowest level of the week. It is followed by a psychological level of $0.1900 and $0.1850, the lowest level in 2020.
On the other hand, we may wait to see a steady movement for the level of $0.2100 for the recovery to complete. This resistance is reinforced by the horizontal zone on the daily chart, which is presently situated on the same barrier at $0.2100 level.
The next resistance is at the level of $0.2150 (the nearest horizontal line). Once it breaks, the growth potential is likely to gain momentum, focusing on the following level: $0.2200 and $0.2255 (the highest level in 2020).
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.