Ripple price analysis: XRP/USD consolidating within a contracting triangle; Ripple encourages Britain to stop ‘Wild West’ days and emulate Japan crypto regulation
|- “Strike a balance between capturing risk and enabling innovation," Mr Zagone.
- XRP/USD has formed a considerable support at $0.62, at the moment, the price is correcting higher above $0.66.
Ripple price is trading within a contracting triangle on Monday. The crypto has been correcting higher and appears to have found a balance above $0.6 level. The trading on the weekend was uneventful with no major movements to either side. XRP/USD has formed a considerable support at $0.62, at the moment, the price is correcting higher above $0.66.
Ripple has advised the British regulatory authorities to stop “Wild West” days of the digital currency market and emulate Japan’s regulatory stand on cryptocurrencies. Ryan Zagone, regulatory relations head asked the UK authorities to “strike a balance between capturing risk and enabling innovation. Mr Zagone compared the digital asset market to the early internet era:
“We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” He added “Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors,” he said.
Ripple price technical analysis
There was an upside movement that was initiated from a low $0.62 during the weekend sessions. The price broke above some key resistance areas around $0.65 and $0.66 respectively. XRP/USD even traded above $0.69 but encountered selling pressure below $0.70 level. It started to correct lower and broke below the 23.6% Fib retracement level with the last swing high of $0.70 and a low of $0.50. On the downside, XRP/USD is trading above the bullish trend line at $0.66. However, there are a number of support areas close to $0.62. The initial support is provided by the 38.2% Fib retracement level on the hourly chart.
XRP/USD hourly chart
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