Ripple’s XRP Prints A Daily High Of Around $0.3100

on Oct 29, 2019
Updated: Apr 28, 2020
  • Ripple's XRP breaks above $0.3000 level, setting up an immediate bullish trend.
  • Strong resistance is located at $0.3100 for XRP.
  • MoneyGram wants Ripple to expand its on-demand liquidity to more markets.
  • Former Bank of America executive, Ben Melnicki, joins Ripple as Head of Regulatory affairs in the U.S.
  • Daily XRP transactions approaching record high of 1.70 million.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Following the surge in Bitcoin, Altcoins were reported moving in its steps and printed upward rallies in the past week. But the buyers of Ripple’s XRP remained silent. As of Tuesday, however, the bull run has begun in XRP/USD. The long-held resistance at $0.3000 has been sustainably broken, with the third-largest cryptocurrency by market cap currently trading at $0.30227. Earlier this morning, XRP has made a daily high of around $0.3100.

Key Technical Levels To Watch

Copy link to section

Analysts have forecasted a short-term bullish trend for Ripple’s XRP, but have highlighted that further upward rallies will be strongly opposed by multiple technical barriers.

Bollinger Band has its upper line currently located around $0.31. This marks a strong resistance for the XRP/USD pair. The intraday high coincides with this level that further strengthens the resistance for the future, and is likely to make it harder for the buyers to take charge and push the price above $0.31.

If XRP manages to break above this crucial resistance, it will open the door for further upward rallies with the psychological $0.32 level presenting as the next major resistance, as per the technical analysts. Further hike will see $0.3260 as the next target, according to the 200-Day Simple Moving Average (SMA200) indicator.

The crypto experts have further added that a sustainable break below $0.3000 will be required to negate the currently prevailing short-term bullish trend. Ripple’s XRP had marked a new low on September 26. The rising trendline is currently located around $0.2960 that poses strong support for the cryptocurrency on the downside. While the support has been challenged in the past week, XRP was reported to have bounced back from it since October 25th.

Sellers are likely to take charge if XRP falls below this level, with $0.2900 highlighted as the next target. The market capitalization for XRP is currently at $13.2 billion.

Ben Melnicki Of Bank Of America Joins Ripple As Head Of Regulatory Affairs In U.S

Copy link to section

Ripple has also made an announcement on Monday that Ben Melnicki, who has previously served the Bank of America as an executive, has been invited on board as the head of regulatory affairs in the United States of America. On the other hand, W.Alexander Holmes, the current CEO of MoneyGram International, has expressed his desire for Ripple to expand its on-demand liquidity (ODL) to more markets.

BitInfoCharts, a leading name in crypto data trackers, has declared on Monday that daily XRP transactions have reached 1.63 million. The record high for XRP is 1.70 million.

XRP Crypto