Today’s Ripple (XRP) News
A lot has been said about cryptocurrencies, their future and what’s not. Well, the fact is, blockchain as a technology is here to stay. Unfortunately for no-coiners and bashers, the sector will only flourish with time as an ingredient.
On the other plane, cryptocurrencies, including Ripple (XRP), would most likely be better regulated and exchanges’ propensity to manipulate prices tamed. It may take years, but overly, there is a high probability that it will happen. It’s only a matter of when.
To that end, a few hours before the Senate Banking Committee hearing, discussing the way to better regulate cryptocurrencies and other blockchain applications, Brad Garlinghouse and the Chairman of the blockchain payment firm, wrote a letter appealing to Congress not to paint the industry in what they termed as a “broad brush.”
After public criticism from Donald Trump and later the Secretary of Treasury, Steven Mnuchin, the community even speculated that the world’s largest economy may be on their path of banning cryptocurrencies and crushing innovation.
Well, even if they would, they can’t because of the decentralized nature of these use cases. That’s what Crapo, the chairman of the Senate Banking Committee said. It’s a reality that they had to face, and besides, blanket ban of cryptocurrencies is but an illegality. Expression, speech or technology wise, is under the protection of the First Amendment, analysts and lawyers assert.
Encouragingly, Ripple (XRP) as startup, is not really against any law/guidance. In their open letter, they admitted that the government is “well suited for their job,” and through their efforts there is trust, leading to the acceptability of any currency. Ripple, Brad Garlinghouse the CEO insists, is compliant and ready to work with regulators.
XRP/USD Price Analysis
Presently, XRP is steady, trending horizontally with caps at 34 cents. Technically bullish in the sense that the coin is largely consolidating inside the leading bull bar of Sep 2018, buyers have a chance from an effort versus result point of view.
Therefore, while bears may be pressing lower, preventing bulls from rising from these pits, every low should, nonetheless, be a buying opportunity for enterprising, risk-off traders. To that end, a fitting stop will be just below 30 cents with immediate target at 34 cents.
However, if buyers step up and the breaching bar, closing above 34 cents has high trading volumes exceeding 40 million of July 15, then XRP prices would easily float to 40 cents, and higher in days ahead.
Further, there would be more upsides for XRP if the same momentum drive prices above 40 cents with high volumes surpassing 50 million of July 10. In that eventuality, XRP may easily rally to 50 cents in a revitalizing move that would catalyze demand as buyers aim for the ultimate 80 cents, the high of Sep 2018.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.