The price of Ripple’s XRP cryptocurrency token took a hard hit yesterday when it fell sharply from $0.47 to $0.40 within a matter of minutes. The collapse wasn’t unique to XRP, with Bitcoin (BTC), Ethereum (ETH) and other coins taking similar dives, wiping a total of $28 billion dollars worth off the cryptocurrency market.
However, XRP seems to have stabilized and is holding its ground around the $0.42, a level that has acted as significant support ever since XRP broke through the $0.40 barrier earlier this month.
EliteX crypto exchange adds Ripple (XRP) support
A new cryptocurrency exchange that opened up in April this year has announced that it will be listing XRP as one of its initial cryptocurrency trading pairs. The company, EliteX exchange, aims to promote the listing through a giveaway of 3,000 XRP tokens to users who register and complete KYC compliance procedures on the exchange in the first week of next month (3-9 June 2019).
The new cryptocurrency exchange, which is part of the Lisk ecosystem, claims to be able to process half a million orders a second. In addition to XRP, it will also be listing Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
XRP Analysis
The daily confluence detector doesn’t paint a pretty picture for XRP going forward, with lots of strong resistance above and very little support below. A break below $0.42 will find weak support at $0.413 and only mildly stronger support at $0.40. In the event of an upsurge, strong resistance is piled up around the $0.43 level. Above that, XRP will likely be knocked back again at $0.48, the level it has failed to break through twice now.
Some analysts see a possibility for XRP to break upwards out of its descending bull flag pattern, with the aim to break $0.50 in mid-June. However, the pattern also suggests that the coin could go as low as $0.35 before the new rally. The MACD and majority of XRP’s moving averages remain in a strong buy position, and with it’s RSI neutral at a low 58.25, there is certainly a possibility for a good recovery from this dip.