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XRP falters amidst return of bullish force; Coil awarded 1 billion XRP to facilitate pro-Ripple articles

XRP is ranked at #3 right after Ethereum on coinmarketcap. The price declined slightly at a rate of 0.17%. The trading volume recorded is $1.188 billion, while the supply has 42,890,708,341 XRP coins in play. The total market cap of XRP is $11.261 billion. At present, XRP is priced at $0.262564.

Even though the crypto-winter has come to an end, XRP continues to perform poorly in the market. The deals involving MoneyGram and numerous banks around the globe didn’t help this top-ranked altcoin one bit. Instead, the CEO of Ripple along with other executives keep asking HODLers to be “patient”.

Xpring has allotted 1 billion XRP for Coil, a platform dedicated to content writing. According to the current price, the funds are equal to $262 million. Coil has many authors on their network who propagate pro-Ripple sentiments. Although, they never highlight the centralized supply and the massive dump [still ongoing] which keeps the price from climbing.

The monthly fee if one seeks to have a subscription on Coil amounts to $5. The ones in-charge of the platform wish to rope in content creators specializing in videos, podcasts, and so on. XRP micropayments for content developers via the use of the Interledger Protocol will occur, as subscribers grow.

Support can be found near the $0.236 mark, whereas resistance will be felt close to the $0.299 level. The 4-hourly RSI [for 10 periods] is yet to exit oversold territory and currently stands at 22.87. The MACD line is also well below the signal line. All these indicators highlight the presence of bearish pressure in the market. So far, there appears to be nothing which suggests that XRP would break through the barrier and prance beyond the $0.3 mark.

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.