Analysis: The XRP / USD retreats from $ 0.70 and loses more than 3% on the day

The XRP / USD retreats from $ 0.70 and loses more than 3% on the day
  • Ripple retreats from the highs of the Asian session as the recovery loses momentum.
  • SBI Holdings launches a cryptocurrency market focused on Ripple.

Ripple, the third largest cryptocurrency by market value, is trading around 0.6640 $, after reaching an intraday high of 0.7040 $ at the start of the Asian session. It has been a highly volatile Monday, as the recovery attempt failed to bring the price above the critical level of resistance. The market value of Ripple is 26.4 billion dollars and the average daily trading volume is 496 million dollars.
Meanwhile, SBI Holdings announced on Monday that its cryptocurrency market service, known as VCTRADE, is now available to pre-registered users, while other users will get access in July. VCTRADE will focus attention on XRP. Later, the market will add support for BTC and BCH, although it is not yet clear when.
This news triggered the rise of the XRP / USD during the Asian session, but the momentum faded when the criptone failed to overcome the $ 0.70 level.
Technical perspective of Ripple
Technically, the XRP / USD broke above the $ 0.70 level but there was no continuation, that’s why the cryptocurrency returned to the previous range. The resistance zone is between 0.70 $ and 0.7070 $, which is a 50% Fibonacci retracement of the 0.4505 rise to 0.9649 $.
Once this area breaks up, the price could be directed towards the 100-day moving average at $ 0.71 and toward the 50-day moving average at $ 0.7350. On the downside, support stands at 0.6470 (61.8% Fibonacci retracement), followed by 0.61 $ and 0.60 $.
XRP / USD daily chart