Ripple Price (XRP) Correcting Gains: BTC And ETH Rally
[NEWS BLOG]: Ripple Price (XRP) Correcting Gains: BTC And ETH Rally
Ripple Price Analysis
Yesterday, there was a minor downside correction in ripple price from the $0.2850 resistance against the US Dollar. XRP price tested the key $0.2720 support area. A base was formed above $0.2700 and later the price started a fresh increase. There was a break above the $0.2750 resistance and the price remained well above the 100 hourly simple moving average.
Finally, the price surpassed the $0.2850 resistance area and traded to a new weekly high at $0.2872. Recently, the price started a downside correction below the $0.2850 and $0.2800 levels. Additionally, there was a break below the 50% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. More importantly, there was a break below a connecting bullish trend line with support near $0.2775 on the hourly chart of the XRP/USD pair.
The pair is now testing the 61.8% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. An immediate support is near the $0.2750 level. It coincides with the 76% Fib retracement level of the recent rise from the $0.2715 low to $0.2872 high. If there are more downsides, ripple price could revisit the main $0.2720 support area in the near term.
On the upside, an initial resistance is near the $0.2800 level. The next resistance is near the $0.2850 level, above which the price is likely to accelerate above the $0.2872 high. The next stop for the bulls in the mentioned case could be $0.2950.
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Yet the cryptocurrency, critics suggest, doesn’t have a use case. Former Wall Street trader Tone Vays said in an interview with BlockTV that the “Ripple token itself has absolutely no place,” adding that everything about the altcoin “is bad.”
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What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.