Ripple Price Forecast: XRP/USD on full throttle to $0.20

Ripple price reverses incredibly from the Fibo 50% support towards $0.20.
Ripple’s CEO Brad Garlinghouse commends China’s approach and progress in blockchain innovation.

Ripple is among the best-performing cryptocurrencies on the day. After retesting the support at the 50% Fibonacci retracement level taken between the last swing high of $0.2119 to a swing low of $0.1733, Ripple bounced back upwards with the target at $0.20 in sight. With the moving averages’ resistance in the rearview, XRP/USD is only a few steps to $0.20.

At the time writing, Ripple is trading at $0.1976. Its immediate downside is protected by the 61.8% Fibonacci support in addition to the 50 SMA and the 100 SMA resistance turned support. An ongoing bullish momentum has the potential to take down the key descending trendline resistance.

In support of the bullish action is an upward rolling RSI. From lower levels at 38, the trend indicator is closing in on the midline (50). The MACD is also putting more emphasis on the bullish control with an approach at the mean line (0.00). Based on the current technical picture, Ripple is poised for more upward action in the near term. As for the bulls, holding above the 61.8% support is vital for gains towards $0.20.

XRP/USD 2-hour chart

Ripple’s CEO Brad Garlinghouse envies China’s blockchain approach

The CEO of Ripple while speaking on the panel of the Chamber of Digital Commerce’s Parallel Summit on July 17 commended China’s progress in blockchain technology. He reckoned that “In some ways, I’m in awe of it.” He added:

These technologies may, in fact, be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.

This is not the first time Garlinghouse has talked about the progress China is making in the digital space. He has on several occasions asked the US government to make regulations clear. It is only with clear regulations that innovation can blossom.

Twenty-five years ago the U.S. was a leader in making the internet what it is today, but part of that came from regulatory clarity.

Share: Cryptos feed

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.