XRP/USD test waters above $0.4800 as Ripple’s Chief Strategist explains why Trump's administration should love XRP
|- XRP/USD has been growing for the third consecutive day.
- Cory Johnson promotes XRP as US bet against China.
XRP/USD retraced from early Asian high registered at $0.4898 to trade at $0.4808 as of press time. However, the third largest digital asset remains the growth leader among top-10 cryptocurrencies wins over 3.5% gains on a day-on-day basis. As the cryptocurrency market calmed down, XRP resumed the upside. XRP has a market value of $18.8B and an average daily trading volume of $665M.
What's going on
Ripple’s Chief Strategist, Cory Johnson interview with a crypto-focused media outlet Breaker generated a lot of buzz in the community. The executive hinted that the company holds a lot of discussions with regulators and governments demonstrating the benefits of XRP, Ripple's digital coin. He also stressed that Trump's administration was genuinely interested in cryptocurrencies and blockchain technologies as asked him a lot of questions on the subject.
According to Mr. Johnson, the White House is interested in cryptocurrencies and XRP in particular due to the fact it does not require mining, which is beneficial from environmental and foreign-control perspectives.
Moreover, Trump administration might use XRP to counter China’s dominance in the BTC market.
“The White House, in particular, seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China and a majority of Ether mining taking place in China,” he explained.
XRP's technical picture
XRP's technical picture
Ripple's cryptocurrency is climbing higher for the third consecutive day despite waning momentum on digital assets market If the price manages to settle above $0.4800 handle. the upside may be extended towards the next resistance produced by $0.4900 and last week's high at $0.5000. That's where fresh selling interest is likely to appear.
On the downside, the price is supported by $0.4700 (38.2% Fibo retracement level) and $0.4610 (SMA50, 1-hour). Once below, the sell-off may continue towards $0.4425 (SMA200, 1-hour) and to psychological $0.4300.
XRP/USD, 1-hour chart
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