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Ripple supports blockchain and quantum computing research as XRP remains above crucial support
Ripple highlighted its University Blockchain Research Initiative's newest blockchain research.
The study describes how blockchains like XRP Ledger meet quantum computing's rapid evolution.
On Monday, XRP maintained advances above $0.50 support.
XRP holders await a ruling in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit on two major issues: the payment remittance firm's fine for allegedly selling securities (XRP) to institutional investors and an injunction on Ripple's On-Demand Liquidity (ODL) platform, used by clients to manage liquidity.
Ripple sponsored a University Blockchain Research Initiative to advance blockchain technology.
The payment remittance service released a research on May 17 on quantum computing and its effects on blockchains like the XRP Ledger, a major worry among experts.
Technical analysis: Longer-term XRP correction imminent
The 1-week XRP/USDT price chart suggests Ripple will correct. On the long period chart, indicators are negative, yet XRP held above $0.50.
The fall in XRP price between April 8 and May 20 is shown by red histogram bars below the neutral line on the momentum indicator Moving Average Convergence Divergence (MACD). A recent MACD crossing below the signal line confirms XRP bearishness.
XRP may fall almost 9% to $0.4665, its April 19 low. Technical data this week may suggest the cryptocurrency might rebound if liquidity reaches this level.
Within a day, XRP may test resistance around $0.5310, the 50% Fibonacci retracement of the slide from the April 9 peak of $0.6431 to the April 13 low of $0.4188. XRP may test $0.50 support if it fails to break over this barrier. XRP held above $0.50 support all week.
Clearing $0.5310 barrier allows XRP to challenge the May 7 high at $0.5443 (almost 6% gains from present levels) and aim the April 4 low at $0.5623.
