XRP faces $3 resistance
Bollinger Bands prove XRP recovering to $3 is nothing.
- Point break. XRP has repeatedly failed to break above $3, with the level acting as a strong ceiling.
Over the past few weeks, XRP's price has been fluctuating around this range, and each time it reaches $3, it hits a wall instead of moving forward. The midline, which is now at around $3.09, has become the pivot point that determines whether the asset can recover and become bullish again or if it will stay capped under pressure.
- Price setup. If $3 continues to reject upside, risks increase of a drop toward $2.60 or the $2.00 area.
So far, XRP has not been able to close above that line on a daily chart. The wider setup basically makes the same point. On the weekly chart, XRP's rally earlier this summer stretched the bands to their widest in years, but the retracement has brought it right back into the middle zone.
The mid-band here is around $2.61, so the recent moves are basically a struggle to hold the upper half of the range. If $3 keeps failing, the path toward the lower side — $2.60 and possibly even deeper into the $2.00 area — remains open. "It's trap".
Cardano's Lace wallet to add XRP support
Hoskinson claims that Cardano's Lace wallet will add support for XRP token by end of year.
- XRP to Cardano. Hoskinson confirmed that the Lace wallet will support XRP by the end of 2025.
During his latest ask-me-anything (AMA) session on YouTube, Cardano co-founder Charles Hoskinson revealed that he had a "great" conversation with Ripple CEO Brad Garlinghouse regarding the integration of the XRP token.
"In fact, I had a conversation with Brad about XRP, and it'd be a lot of fun," Hoskinson said. Hoskinson has also confirmed that Cardano's Lace wallet will add support for the XRP token by the end of the year.
As reported by U.Today, Hoskinson initially confirmed that the wallet would continue its multi-chain journey with XRP in June after Lace initially enabled support for Bitcoin. Moreover, Hoskinson later teased deeper integration of the token into the Cardano ecosystem.
Shiba Inu forms hourly golden cross
Bullish sign seen on Sunday.
- Golden cross alert. SHIB’s hourly chart flashed a bullish golden cross as the short-term MA crossed above the long-term MA.
Shiba Inu has recently created a golden cross signal (formed when the short-term moving average crosses above the long term) on its hourly chart.
This comes as Shiba Inu saw sharp buying pressure on Friday as the markets weighed the possibility of a rate cut at the upcoming Fed meeting in September, following Fed Chair Jerome Powell's dovish statement at the recently concluded annual Jackson Hole symposium in Wyoming.
Shiba Inu sharply rose to $0.0000135, last seen in mid-August as buyers bought the dip amid renewed Fed optimism. The markets saw profit taking subsequently, with Shiba Inu entering its second day of drop since Aug. 22.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team