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XRP tests crucial support at $0.50 as Ripple urges blockchain recovery alliance
founding members of DeRec Alliance are Ripple and XRPL Labs.
The DeRec Alliance unites Web3 enterprises to securely recover digital assets across wallets.
After testing $0.50 on Thursday, XRP traded at $0.5174 on Friday.
Ripple stated it has entered an association to help digital asset recovery with Hedera and the Algorand Foundation, wiping off gains from earlier in the week. XRP trades about $0.5174 early Friday.
On Thursday, Ripple, Algorand Foundation, and Hedera announced that they had formed the DeRec partnership to safeguard digital asset recovery. Ripple and XRPL Labs are founding members and serve on the Technical Oversight Committee for two years.
The business will advise on the alliance's governance structure and fundamental rules to simplify digital asset, account, password, and data recovery as in Web2 ecosystems.
XRP has declined 2.7% this week, although it has stayed above psychological support at $0.50. With Ripple in a sideways trend for weeks, momentum indicators help predict the next move.
Two key momentum indicators disagree on XRP. The Relative Strength Index (RSI) falls to 40 in all three main charts (weekly, daily, and 4-hour), indicating decreasing bullish momentum. XRP price momentum is good when the Moving Average Convergence Divergence (MACD) indicator displays green histogram bars above the neutral line.
Ripple may fall 8% and sweep liquidity at the weekly support level at $0.4665 observed on April 19 if selling pressure continues. Since mid-April, weekly support around $0.4665 and resistance at $0.5630 have been important.
A daily candlestick close above $0.53, the 50% Fibonacci retracement level of the slide from April 9's $0.6431 high to April 13's $0.4188 low, might disprove the bearish XRP would then encounter weekly resistance around $0.5630, established on April 6.
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