XRP slips to one-month low, Ripple co-founder supports Kamala Harris in US presidential election
|- Ripple co-founder and executive chairman Chris Larsen extends support to Vice President Kamala Harris in the US Presidential election.
- Former Ripple board member Gene Sperling left the White House in August to join Kamala Harris’ 2024 presidential campaign.
- XRP dipped to a one-month low of $0.5323 on Friday.
Ripple (XRP) co-founder Chris Larsen joined 88 other business leaders in supporting Vice President Kamala Harris in the upcoming US Presidential election, per a CNBC report. The payment-remittance firm recently received the Securities & Exchange Commission’s (SEC) consent on a stay on the monetary portion of the final ruling in the SEC vs. Ripple lawsuit.
XRP slipped to $0.5323, a one-month low for the altcoin’s price.
Daily digest market movers: Ripple co-founder and former board member backs Kamala Harris
- SEC vs. Ripple lawsuit updates, actions of co-founder, and former board member and on-chain metrics are the key market movers for XRP on Friday.
- Ripple co-founder Chris Larsen joined key business leaders and expressed support for Kamala Harris’ Presidential campaign, signing a letter to endorse Harris for president.
- A former Ripple board member, Gene Sperling, left the White House to join Vice President Harris’ 2024 Presidential campaign in August.
- As the November elections draw close, leaders in the crypto community are backing pro-crypto candidates.
- Several crypto community members backed former US President Trump for his promise to put an end to Gary Gensler’s crusade against crypto. In this regard, Ripple CEO Brad Garlinghouse said on Tuesday in Seoul that he will make a “gentleman’s bet” that the SEC Chair’s tenure is up irrespective of who wins the US Presidential election, according to The Korea Herald.
Technical analysis: XRP corrects to one-month low at $0.5323
XRP is in a multi-month downtrend. The altcoin dipped to $0.5323 early on Friday, a one-month low, and recovered slightly afterwards. Still, XRP looks set to post losses for a second consecutive week, losing around 2% this week so far.
If the downtrend persists, XRP could extend losses by another 4.72% and sweep liquidity at $0.5188, the lower boundary of the imbalance zone in the XRP/USDT daily chart. Once there, buyers could take control to let the altcoin attempt a recovery towards a key resistance at $0.6217. This marks a key level that XRP has tested as resistance several times since July.
The Moving Average Convergence Divergence (MACD) momentum indicator shows red histogram bars under the neutral line, suggesting the bearish momentum prevails.
XRP/USDT daily chart
Still, a daily candlestick close above the upper boundary of the Fair Value Gap (FVG) at $0.5785 could invalidate the bearish thesis. In this scenario, XRP could rally towards the mentioned $0.6217 resistance level.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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