- XRP/USD is currently trading at $0.323 while poised for a higher retracement towards the key resistance area at $0.330.
- Ripple’s CEO Brad Garlinghouse said in the latest AMA that the teams focus and clarity on the problems the company solves is the reason behind the current success.
Ripple price has remained unmoved by Bitcoin ETF news. The SEC first issued 3 denial orders for 9 separate Bitcoin ETFs proposals and the then later announced that it will review the disapproved proposals. While investors are waiting for the SEC’s decision, which by the way, has an unspecified timeline, Ripple has remained stable above $0.310.
The third largest cryptocurrency by market capitalization recently ascended sharply past the resistance at $0.33 and brushed shoulders with $0.350. The bulls, however, lost grip on failing to step over $0.35 resistance and later declined recording losses below the 23.6% Fib retracement level with the last swing high of $0.351 and a swing low of $0.310. The crypto formed a low at $0.3147 before correcting higher.
Ripple’s upside has remained capped at the 38.2% Fibonacci level for two days but the downside has also been supported strongly above $0.310. XRP/USD is currently trading at $0.323 while poised for a higher retracement towards the key resistance area at $0.330. But first, there are a couple of resistances from the hourly moving averages; the 50 SMA at $0.3251 and the 100 SMA at $0.32895. The RSI on the same chart is moving north to show that buyers have the grip on the price at the moment. Ripple is likely to move upwards or sideways, for now but the support at $0.310 must be preserved to avoid another dip below $0.30.
In other news, Ripples CEO Brad Garlinghouse held an Ask Me Anything (AMA) session yesterday where users sent their questions. Brad responded to various questions including the reasons behind the company’s success. He said that the mindset of a focused team was behind Ripple’s greatness but also said that the experience he acquired from Silicon Valley has been instrumental. He said:
“Our focus and clarity of the problem we’re solving and the customer we’re reaching I think has catalyzed and kind of accelerated the adoption that we’re now seeing and enjoying and the reason why I think Q2 is so strong for the company.”
Brad also touched on the potential that the xRapid solution has and especially when it comes to serving the less efficient financial corridors. He continued in conclusion of the AMA:
“I don’t think that X rapid solving a dollar-yen problem is going to be you know a short-term corridor. let’s not say it won’t be but it’s simply what we’re seeing and what we’ve publicly talked about with coins pH as going to the Philippines, Mexico… Those are corridors we see the demand and we see it solving a real problem.”
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin traders jittery as Elon Musk’s DOGE faces possibility of lawsuit with Trump’s inauguration
Dogecoin rallies nearly 5% on Monday as crypto tokens gain momentum ahead of Donald Trump’s inauguration event. The Washington Post uncovered a lawsuit likely to be filed against Elon Musk’s Department of Government Efficiency as soon as the President-elect takes office.
Bitcoin reaches new all-time high above $109K ahead of Trump’s inauguration
Bitcoin’s price reaches a new all-time high of $109,588 on Monday after rallying 7.1% the previous week. The recent rally is fueled by Donald Trump’s upcoming inauguration. The US Bitcoin spot ETFs also supported the BTC’s rally, recording a net inflow of $1.86 billion the previous week.
Bitcoin hits new all-time high, traders brace for market swings ahead of Trump inauguration
Bitcoin jumps to a new all-time high of $109,588 on Monday. Bitcoin open interest crosses $71 billion as crypto market heats up for Trump’s inauguration. Bitcoin volatility climbs to 73%, and bullish sentiment suggests traders expect short-term market swings, positioning for the upside.
Solana eyes $300 milestone as DEX volume hits $27 billion, boosted by meme coins TRUMP and MELANIA
Solana (SOL) price trades in the green around $263 on Monday after hitting a new all-time high of $295.83 the previous day. Artemis data shows that SOL’s Dex trading volume reached a new all-time high of $27 billion, boosted by meme coins TRUMP and MELANIA.
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration
BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.