Ripple’s XRP is the third-largest digital asset with the current market capitalization is $8.9 billion and an average daily trading volume of $1.9 billion. XRP/USD retreated from the intraday high of $0.2061 to trade at $0.2045 by the time of writing. Despite the upside momentum, the coin is mostly unchanged since the beginning of the day as it has been trading within a short-term bearish bias amid low volatility.
A new initiative that may boost XRP
Coil, the platform for web monetization and one of the biggest Ripple investments, has announced the launch of a plugin for WordPress that will help to fast track the adoption of cryptocurrency and blockchain technology.
The solution will provide the site owners with an easy way to integrate Coil and get rewards in crypto assets such as XRP and in fiat currency.
Coil received financing from Ripple in 2018. Later on, the company participated in which participated in Coil’s seed round to the tune of $4 million.
Stefan Thomas commented:
Part of the inspiration for Coil was to break down the barriers that prevent creators from being paid for their work and their fans from being able to support them. By leveraging Interledger Protocol technology and partnering with Uphold, we’re continuing to tear down walls that make cross-currency transactions too expensive and inaccessible to many.
XRP/US: Technical picture
On the intraday chart, XRP/USD dropped back below the upside trendline, which is a negative development in the short run. Now this line serves as a pivotal resistance at $0.2080, reinforced by the recent recovery high. Once it is broken, the upside is likely to gain traction with the next focus on $0.2100 reinforced by the daily SMA100 and the middle line of the daily Bollinger Band. If it is broken, the next resistance of $0.2200 will come into focus. It is created by a daily SMA200.
On the downside, the initial support is created by 1-hour SMA50 at $0.2040. It is followed by 1-hour SMA200 on approach to psychological $0.2000.