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XRP/USD down 45% in 2019, partnerships are not helpful

  • XRP/USD is one of the worst-performing cryptocurrencies out of the top-10 in 2019.
  • XRP needs to stay above $0.1900 in the short run to avoid sharp sell-off.

Ripple’s XRP has settled above $0.1900. The third-largest digital asset is range-bound on Tuesday amid decreasing trading activity. XRP has had a hard year. The coin is down 45% since January 2019 despite the recovery of the cryptocurrency market.

The US-based fintech startup entered new partnership deals and expanded the network of banks and financial institutions that use its technology for cross-border payments. However, the project’s fast development was not supportive of the cryptocurrency as most of the partners do not use XRP itself and reply only to technological solutions. 

Apart from that, the team has been criticized for being too centralized and manipulating the market.

XRP/USD: technical picture

XRP/USD recovery has been limited by the middle line of the daily Bollinger Band at $0/1980. This resistance area is closely followed by a psychological $0.2000. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $0.2200 reinforced by a confluence of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart. 

On the downside, the local support is created by psychological $0.1900 with the lower line of 4-hour Bollinger Band located right above this area. If the price moves below this support, the sell-off may be extended towards the next barrier at $0.1800 and December 18 low of $0.1752.

XRP/USD 4-hour chart

source: fxstreet


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