Ripple price analysis: XRP/USD plunges 4.74% ignoring XRP the listing on SWAPLAB.CC and CoinSpot exchanges

By August 30, 2018Ripple
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  • Traders can now trade XRP against more than 50 cryptos on SWAPLAB.CC exchange.
  • The upside is limited by the hourly 100SMA currently at $0.3313 while there is a bearish trend ongoing towards the short-term support at $0.325.

Ripple price staged a wonderful recovery from the major support at $0.320. The uptrend cleared the resistance at $0.33, this triggered another upsurge above $0.350. XRP/USD stepped slightly above $0.355 but there was a reversal at this point. Ripple embarked on a slide breaking various support zones; the trendline support at $0.3467, the short-term support at $0.340 and $0.330.

In other news, XRP has been added to SWAPLAB.CC where traders can exchange the asset with fifty plus cryptocurrencies. The announcement was made via SWAPLAB.CC Twitter account and reads:

“Ripple $XRP is now listed on @swaplab_cc cryptocurrency exchange. You can exchange $XRP with 50+ cryptocurrencies. Visa/Mastercard purchases are coming in October.”

Furthermore, an Australian Exchange, Coinspot also announced the listing of XRP to its platform. The listing comes after the exchange lowered trading fees to 0.1% on all market orders. XRP/AUD is already live for trading on the exchange.

In the meantime, Ripple appears to have ignored the listings, besides it has canceled gains to the extent that it is trading the levels on Tuesday 28. The upside is limited by the hourly 100SMA currently at $0.3313 while there is a bearish trend ongoing towards the short-term support at $0.325. However, there is a high chance the buying entries will increase in the near-term; the stochastic is in the oversold but starting to advance upwards. XRP/USD will encounter higher selling pressure at $033 but a break above $0.335 will see Ripple advance further north towards $0.35.

XRP/USD 1-hour chart

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The upside is limited by the hourly 100SMA currently at $0.3313 while there is a […]

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