Ripple’s XRP fights off bears while Bitcoin, Ethereum struggle to recover
Ripple’s XRP is recovering quite nicely even as Bitcoin [BTC] and Ethereum [ETH] battle selling pressures. Though there isn’t a clear trigger for XRP’s upward momentum, Ripple's digital coin has seen many positive developments over the last few days - which could lead to wider adoption of the token.
DCEX, the very first crypto exchange to use Ripple's token as its base currency, recently opened registrations for its platform. The exchange plans to open trading in the coming weeks.
Wirex, which provides crypto wallets linked to debit cards, recently added Ripple's XRP wallet to its portfolio. The wallet has seen significant interest from the crypto community, with Wirex receiving $2 million worth deposits in XRP in a short span of just 12 hours!
Moreover, Canadian crypto exchange Coinsquare listed the token on its platform, which could boost trading volumes for the coin.
#XRP is now live - in beta - on Coinsquare's platform
During the beta, you can:
- Fund your account with XRP
- Buy XRP with fiat or cryptocurrency
- Trade XRP for fiat or other cryptocurrencies
— Coinsquare (@Coinsquare) July 31, 2018
Meanwhile, in other news, Ripple announced that Bill Clinton, the 42nd President of the U.S., would be the keynote speaker for the company’s conference Swell in October. This announcement has left many in the crypto community confused.
The coin found support at $0.44, and spiked suddenly without any trigger. The current resistance level is traced at $0.46, from which the digital asset is attempting to break out.
The MACD is traced in the bullish zone, after spending the earlier part of the day trading in bearish territory. The 100 EMA line currently displays an uptrend. The significant trading range can be found from $0.43 to $0.46.
As of 1410 GMT, the virtual currency was gaining 5.1 percent against the U.S. dollar to trade at $0.45. Bitcoin [BTC] and Ethereum [ETH] were both nearly 2 percent weaker against the U.S. dollar.
XRP is the third most valuable cryptocurrency, just below crypto heavyweights BTC and ETH. XRP currently has a market cap of $17.76 billion, data from CoinMarketCap showed.
The crypto was climbing 6.6 percent against BTC, at the time of writing. Currently, one token is equal to around 0.00006 BTC.
According to Smartereum, many believe the coin could end the year at a value nearing $10 and its prices have the potential to rise to as high as $200-$300 in ten years.
At current levels, this may seem quite an uphill task. But the fact remains that if the coin continues to weather bearish trends, the token could scale higher peaks in the days to come.
Image via Shutterstock
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