Coinmarketcap Replaces Ripple Ticker as ‘XRP’, Breaks Above Crucial $0.50 Resistance Level

Ripple has broken above its crucial resistance level of $0.50 after a rough past week. Meanwhile, Coinmarketcap has replaced Ripple with XRP from its site making a differentiation between Ripple & XRP.

A differentiation between Ripple & XRP?

Last week, Coinmarketcap, a popular site that provides cryptocurrency market capitalizations removed Ripple from the list and replaced it with XRP. This indicates a differentiation by Coinmarketcap, at least, between Ripple and XRP.

David Schwartz, the chief cryptographer at Ripple took to Twitter to show his gratitude towards Coinmarketcap for making this move.

This obviously raises the hope of people that Ripple is not a security but it is far from over as the Coinmarketcap is a private website and doesn’t hold any influence over determining the nature of cryptocurrency.

A Ripple enthusiast JZay asked “Now it’s officially not a security! Right??” To which another user James Macaulay commented with, “‏Not in the slightest. Wish that it were though….”

While another Ripple enthusiast Shahzad Khan Tajik‏ shared,

“Thanks to you & for your team effort for making it clearing the Community Vision.”

Also, read: Ripple Adds 4 Third-Party Validators to Decentralize the XRP Ledger

Ripple springs above $0.50

The world’s third-largest cryptocurrency Ripple has been struggling just below $0.50 price mark for the past few days. However, it has finally crossed this crucial resistance and at the time of writing has been sitting at $0.5075.

Up by 11.14 percent in the past 24-hours, it has also been running in the green by 5.78% in the BTC market as well. With a market cap of $19.9 billion, it has been managing the daily trading volume of about $430 million.

Ripple has been restoring strong gains and reaching this critical level means short-term sellers will make their appearance. It further means Ripple might see a selling pressure.  

At this point, Ripple is overbought which means a correction is in order which is likely to see XRP price to hit just below $0.50. However, in the long term, for Ripple to continue its journey to $1, it will face resistance at $0.560 and further at $0.60. For the time being, Ripple is moving upwards in tandem with other cryptocurrencies which are surging between 5 to 12 percent.

What do you think of Ripple’s break above this resistance level? Let us know your thoughts in the comments below!

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Coinmarketcap Replaces Ripple Ticker as ‘XRP’, Breaks Above Crucial $0.50 Resistance Level
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Coinmarketcap Replaces Ripple Ticker as ‘XRP’, Breaks Above Crucial $0.50 Resistance Level
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Ripple has broken above its crucial resistance level of $0.50 after a rough past week. Meanwhile, Coinmarketcap has replaced Ripple with XRP from its site making a differentiation between Ripple & XRP.
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COINGAPE
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About Anjali Tyagi 235 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.