XRP’s price is currently rebounding though it is facing some major resistance against the US dollar and will likely face some more once it nears the $0.2450 and $0.2250 as we are about to read in the coming altcoin news below.
Over the past few days, the importance of the $0.2650 support for xrp’s price was explained and since the XRP/USD pair failed to hold the $0.2650 support resulting in a dramatic decline. The pair declined by more than 15 percent and broke many of the support levels and there was also a close below the $0.2500 level and the 100 hourly simple moving average. Also, yesterday’s declining channel was surpassed with the support near $0.2620 on the hourly charts. The price traded close to the $0.2050 level and even formed a new monthly low of $0.2064. The price is currently correcting higher since there was a break above the 23.6% Fib retracement level of the recent slide to the $0.2064 low.
At the moment, xrp’s price is trading near the $0.2400 level and the 50 percent FIB retracement level of the recent slide from the $0.2064 low is also nearing the $0.2400. On the upside, there was an immediate resistance level nearing the $0.2450 and if there is an upside breaks above the $0.2450 the price could recover towards the $0.2550 resistance area. Any other gains could potentially push the price back into the positive zone above $0.2650. If the price fails to continue above the $0.2450, it will likely start another downward move. Immediate support is near the $0.2350 level which is below the price test support area. If the price fails to stay above $0.2200, it will likely test the $0.2000 support level in the long term. The price of the cryptocurrency must move past the $0.2450 level in order to decrease the bearish pressure and to start a fresh increase. More updates on the price we read in the latest cryptocurrency news today.
Still, it is also important to note that the upcoming Ripple conference comes in times of vulnerability for XRP. Historically, the price of XRP has not pumped during the conference itself but surged as an after effect after the actual event.
Ripple Will Be The Amazon For Crypto: Brad Garlinghouse
‘’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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