Tanya Abrosimova
Independent Analyst
- XRP recovers from Wednesday's lows, but the upside is capped by $0.5600.
- Western Union is not going to foster mass adoption of cryptocurrencies.
Ripple, the third largest coin by market value, is changing hands at $0.5490, off Wednesday's low reached at $0.5020, which is the lowest level of 2018. XRP/USD has gained nearly 4% since the start of the day, but it is still down about 2% since this time yesterday. Ripple's market value has settled at $21.5, with trading volumes $385M.
Not so willing Western Union
Much touted Ripple Network partnership deal with Western Union won't help cryptos on their way to mass adoption. The truth was revealed on Wednesday when Western Union's CEO Hikmet Ersek said that the company wouldn't add a cryptocurrency transfer solution to its arsenal any time soon
“The consumers tell us what they want. People aren’t paying their hospital bills in cryptos,” Hikmet Ersek said at Economic Club of New York, explaining why the company prefers fiat currencies over their digital alternatives.
He also added that central banks will do whatever it takes to keep control over their local tender, that's why fiat currencies like USD, EUR, and JPY will prevail.
“Nations are built on flags, constitutions, borders, and currencies, and no central bank home to a reserve currency would be willing to give that kind of control away."
Ripple technical picture
Despite a strong recovery from recent lows, the longer-term picture looks gloomy as long as XRP/USD stays below $0.5600, which is 78.6% Fibo retracement level. If the coin manages to get back above this threshold, the recovery may be extended towards $0.6000. Otherwise, the focus will shift onto April's low at $0.4500.
XRP/USD, the daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.