Ripple price analysis: XRP/USD prime for gains as CEO Brad Garlinghouse refers to Bitcoin as a Napster of cryptocurrency
|- Brad Garlinghouse praises Bitcoin for ushering in the crypto revolution but says its technology is overtaken by time.
- Ripple price recently descended but found a support at $0.5440 - $0.5400.
- XRP/USD is trading above $0.60, but the intraday cap is at $0.62.
The market is correcting higher today with most of the top cryptocurrencies recording slight gains on the day. Ripple is up 1.32% while Bitcoin and Ethereum record gains of over 2% on Thursday. Ripple price formed a base support slightly above $0.5440 - $0.5400 before embarking on an upside roll that saw it test the resistance at $0.62. Another downside took over pushing XRP/USD down but it was supported by the ascending trendline as seen on the chart.
Ripple’s CEO Brad Garlinghouse has made headlines while attending the Recode Code Conference. He referred to Bitcoin as a technology that has been overtaken by time. On the contrary, he also praised it for ushering in the digital asset revolution. He, however, said that Bitcoin could become a Napster of digital assets. While still referring to Bitcoin, Garlinghouse added:
“People talk about using bitcoin to buy coffee, The average bitcoin transaction can take as much as 20 minutes. And the transaction cost is going to double the price of your coffee.”
Earlier this week, on CNBC Fast Money, Brad Garlinghouse said in connection to Ripple that “While we’re on mile marker 1 of a 26-mile marathon, we’ve definitely passed the starting line.”
Technically, Ripple price has made several solid bullish candles and is now trading above $0.60. There is a bullish trend that could test the resistance zone at $0.62 while the buyers psychologically eye $0.65. On the downside, Ripple has a weak support at $0.60, besides the ascending trend line as well as the 200 SMA will prevent declines towards the demand and buy zone at $0.59, however, the decent buy zone is at $0.55.
XRP/USD 15’ chart
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