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.
— David Schwartz (@JoelKatz) July 3, 2018
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.”
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!