Value of XRP (XRP) is strongly supported at 51 cents and capped by the 55 cents level

XRP (XRP) has been resilient over the past weeks, and its performance this month is dramatic and outstanding. The digital currency doubled in value in a matter of days, irrespective of the bearish market. It even contended for Ethereum’s position several times, but Ethereum (ETH) refused to layback.

XRP has grabbed the interest of many over the past weeks, including institutional and individual investors. XRP (XRP) is one of the fastest and cheapest digital currencies for moving funds, and this is one of the reasons why a lot of institutions are attracted to it.

Recently, a partner at Arrington XRP Capital – Michael Arrington – talked about the benefits of using the digital currency for moving fund. Arrington said that he used XRP to move $50 million, and it only took two seconds with a transaction fee of only 30 cents, adding that such transactions are impossible with fiat currencies and Bitcoin (BTC).

XRP (XRP) Price Today – XRP / USD

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XRP is currently worth 53 cents after losing about one percent of its value over the past twenty-four hours. The current market cap of the digital currency is $21.15 billion and its trading volume over the past twenty-four hours is $707.65 million.

XRP Price Analysis

The value of XRP recently corrected below the swing high of 57 cents. The coin plunged further and traded below the support at 54 cents. It also broke the 52 cents level and the 100-hourly SMA. The digital currency even tested the $0.4968 level before it started consolidating higher. The coin corrected higher and surged over the 50 percent Fibonacci retracement level of the previous swing from the high of $0.57 to the low of $0.4968.

Nevertheless, the upward trend of the digital currency was capped on the upside at the 55 cents level. The digital currency needs to break over this level and the 60 cents level in order to pave the way for more gains towards the 65 cents and 70 cents levels. The immediate support of the coin is at the 52 cents level, and after that, the next support is at the 51 cents mark.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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