Ripple (XRP) has managed to recover against the US dollar, proving that it has what it takes to keep posting gains similar to Bitcoin. However, as the market corrects, the XRP support is not that stable and no one knows if the Ripple gains will continue to be a main topic in the altcoin news.
The price of Ripple traded above the $0.2940 resistance and the $0.3000 level which is seen as a pivot level right now. However, the XRP support was built near the $0.2830 momentum and the price is now trading with a few positive signs above the $0.3050 support area.
All of that shows that Ripple has a bullish angle against the US dollar and Bitcoin, and that the XRP support could extend its recovery and gain even more – becoming the hottest altcoin in the latest cryptocurrency news.
In comparison, the coming altcoin news show that yesterday was a tough day for Bitcoin and Ethereum. However, the dips were limited when it comes to Ripple. The XRP/USD pair broke the $0.2940 level and traded to a new monthly low. A swing low was formed near $0.2833 and recently the price started a new upside correction. The XRP support therefore proved to be important in this manner.
However, there are a lot of supports on the downside for Ripple, especially near the $0.3050 and $0.3040 levels. The 50% Fibonacci retracement level also shows that there is a strong wave and a connecting bullish trend line forming with support at $0.3045 on the same chart.
Therefore, analysts on many best cryptocurrency news sites think that the XRP support is crucial and that the price is likely to find bids near the $0.3040 and $0.3050 level. Below the trend line, the price of Ripple may perhaps test the $0.3000 pivot level. On the upside, the current resistance is around the $0.3230 and $0.3240 levels. If there is a solid breakout above $0.3240, the price of Ripple (XRP) could accelerate its gains in the near term.
When seeing the chart, the Ripple price remains well bid above the $0.3040 level. Currently, Ripple (XRP) is at $0.3173 with a 6% increase and a $13 billion market cap. The total cryptocurrency market cap stands at $268 billion.
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‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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