- XRP integration with BRD wallet and Blockset set the stage for mass adoption.
- XRP’s flash-crash on BitMEX caused losses to many traders.
- The support at psychological $0.3000 will slow down the downside momentum.
Ripple’s XRP has been one of the most volatile cryptocurrency assets out of top-20 recently. The coin hit a new high of 2020 at $0.3395 on Thursday and retreated to $0.3270 by the time of writing. Despite the retreat, the coin retains over 15% of gains on a week-on-week basis. Since the beginning of the year, XRP/USD increased by nearly 70%. Currently, Ripple’s market capitalization is registered at $14 billion, while an average daily trading volume amounts to $5.8 billion.
Ripple integrated with BRD wallet and Blockset
XRP bullish momentum is not entirely speculative despite wild price gyrations. In a recent announcement, the San-Fransico-based startup revealed that XRP has been added to BRD wallet, which is considered one of the world’s fastest-growing digital wallet solutions with a presence in over 170 countries. Notably, Ripple invested in BRD in October 2019 within its Xspring initiative that incubates, acquires, and provides grants to companies and projects.
In a separate development, BRD announced the launch of Blockset, a blockchain data integration platform with a set of tools that will allow developers to build applications across multiple chains. The new platform also supports XRP, which means that more developers will be able to use XRP Ledger while building their applications.
Both integrations are supposed to expand XRP adoption and improve its use cases, which is bullish for the coin.
XRP/USD crashed below $0.15 on BitMEX, while it was trading around $0.33 on other exchanges. The coin returned to the normal price within seconds. Many BitMEX traders report that their stop-losses did not work as the price movement was too fast. However, the trading platform investigated the incident and said that the stop-loss system has been operating normally, which means that traders will not be compensated for losses incurred due to the flash crash.
BitMEX added XRP/USD Quanto swaps support only recently.
XRP/USD: Technical picture is uncertain
XRP/USD has printed three consecutively bearish candles on a four-hour chart as the price entered a correction after a sharp growth towards $0.3400. Long wicks on intraday candles suggest that there is a great deal of uncertainty on the market.
The local support is created by $0.3100. If it is broken, the sell-off may be extended towards psychological $0.3000. This barrier is reinforced by the middle line of 4-hour Bollinger Band, also, it stopped the sharp downside correction on Thursday. This area is likely to serve as a backstop for XRP in the short run. However, once it is out of the way, an upper boundary of the previous consolidation channel at $0.2860 will come into focus.
On the upside, a sustainable move above $0.3300 will attract new buyers to the market and push the price towards $0.3350 ( the upper line of 1-hour Bollinger Band). The next resistance is located on the approach to $0.3400.