Ripple price analysis: XRP/USD sideways trading is stable; bulls raving the engine, ready to rally
|- 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.”
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