XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery

XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.

Ripple and XRPL Labs have joined the DeRec Alliance as founding members. The DeRec Alliance brings Web3 firms together to work on the recovery of digital assets in a secure manner across wallets. XRP tested support at $0.50 on Thursday, exchanging hands at $0.5174 on Friday. The other key catalyst influencing XRP price, which is testing critical support at $0.50, is the lawsuit that Ripple faces against the Securities and Exchange Commission vs.

However, the Moving Average Convergence Divergence indicator shows green histogram bars above the neutral line, signaling a positive momentum in XRP price trend. If selling pressure persists, Ripple is likely to suffer an 8% correction and sweep liquidity at the weekly support level at $0.4665 seen on April 19. Two key levels that have been respected since mid April stand out on the weekly time frame– support at $0.4665 and resistance at $0.5630.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

FXStreetNews /  🏆 14. in US

Cryptocurrencies

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

XRP tests resistance at $0.52 as Ripple developers propose lending on XRP LedgerRipple (XRP) has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance.
Read more »

Ripple XRP Ledger enters the Japanese market through key partnership, XRP sustains above $0.50Ripple (XRP) sustained above $0.50, a key support level, on Wednesday.
Read more »

Ripple CTO Clears Controversy Around XRP and Ripple NamingRipple CTO David Schwartz clears air on XRP-Ripple naming controversy
Read more »

Cryptocurrencies Price Prediction: Ripple, Bitcoin & ChainLink – European Wrap 26 April [Video]Ripple price (XRP) edges higher near the $0.53 level on Friday.
Read more »

XRP ranges near $0.50 as Ripple CTO addresses concerns over stablecoin roleRipple price (XRP) edges higher near the $0.53 level on Friday.
Read more »

Consequence of the SEC Lawsuit: Ripple (XRP) Becomes Top-Trending CryptocurrencyCrypto Blog
Read more »