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Ripple [Xpring] takes over Logos Network; targets DeFi expansion, XRP struggles to reach $0.25

Bitcoin

XRP is ranked at #3 to the north of Tether and Bitcoin Cash in the market. The trading volume recorded stands at roughly $1.192 billion, while the supply has approximately 43.080 billion XRP coins involved as part of circulation. As of this moment, the total market cap of XRP is $10.447 billion. The price surged marginally, at a rate of 0.78% in the course of the past 24-hours. This led to XRP reaching $0.242514 where it presently rests.

A dump may be carried out by the end of this week. This will lead to further consolidation. According to the candlestick chart connected to the XRP/USD pair on tradingview [based on data obtained from Bitfinex], the price is still being influenced by sellers in the market. The MACD line has strayed south of the signal line in the aftermath of 23rd September. Similarly, the peaks tied to the Awesome Oscillator have ventured below the zero line since the 25th of this month.

The daily RSI [for 14 periods] is at 39.28 and it is running parallel to the line at 30 [under which lies the oversold zone]. Support can be found close to the $0.21349 mark, and resistance exists near $0.32732. The Ichimoku Cloud [which bears the crimson shade] has somewhat thinned and a color change is a possible outcome for October.

A blog post published a day back states that Ripple has managed to take over Logos. Being a key component of Xpring, Logos will operate a decentralized financial [DeFi] system which shall include XRP usage. Michael Zochowski is the founder as well as the CEO of the Logos Network; from henceforth, he will function as the Head of DeFi Products at Xpring. Most of his team members will be placed in New York.

Xpring was established back in May 2018 and has blossomed into a strong offshoot of the parent organization i.e. Ripple.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.