- The company will make a native token, SOLO, available on Sologenic’s DEX and on other major global exchanges, with a total supply of 400,000,000
- The XRP/USD pair faces strong resistance at 0.9189, which is extended by a previously placed high of 0.9189
- A spike in selling could trigger a downtrend until the 0.8618 support, and a bearish crossover below this could lead the XRP/USD price towards 0.8176 and 0.7632
Ripple closed at $0.83492, after placing a high of $0.84794, and a low of $0.81927. XRP/USD continued its rally and rose for the second consecutive session on Sunday, amid fresh positive developments surrounding Ripple’s ecosystem. Holders of XRP will be receiving 100 million $SOLO tokens in an airdrop estimated to be worth $500 million, as per the announcement made by Sologenic, which is a company built on the XRP Ledger. In addition, Sologenic aims to bridge the gap between traditional financial markets and cryptocurrencies. It will build its blockchain-based project on the XRP Ledger, since it offers high speeds, high security levels and transparency.
The company will make a native token, SOLO, available on Sologenic’s DEX and on other major global exchanges, with a total supply of 400,000,000 SOLO. This news sparked a positive sentiment in the XRP ecosystem, as XRP holders will be subject to receiving a gift of $500 million in January 2022.Meanwhile, the cryptocurrency, XRP, was also high on the board, as Tokyo’s biggest fintech firm, SBI Group, announced that it would allow general Japanese investors to purchase cryptocurrencies through its newly launched crypto asset fund, which consists of about seven different cryptocurrencies, including XRP. Other than the Ripple token, the cryptos included in the fund launched by SBI Group will be BTC, ETH, LTC, BCH, LINK and DOT. This news also had a positive impact on XRP/USD, pushing its prices higher over the weekend.
Daily Technical Levels
Support Resistance
0.82014 0.84881
0.80537 0.86271
0.79147 0.87748
Pivot Point: 0.83404
Ripple Technical Outlook – XRP Retests Double Top Pattern
The XRP/USD pair faces strong resistance at 0.9189, extended by a previously placed high of 0.9189. On the 2-hour timeframe, the SMA is likely to push the Ripple prices higher, towards the resistance level of 0.9189, and a slice through this level could drive another round of buying until 0.9880.
On the other hand, a spike in selling could trigger a downtrend until the 0.8618 support, and a bearish crossover below this could lead the XRP/USD price towards levels of 0.8176 and 0.7632. So let’s keep an eye on 0.8618 for a sell trade and vice versa. Good luck!