The Ripple price is recovering in bullish channel ignoring Goldman Sachs doom and gloom comments
|- Ripple price up as much as 18% on Wednesday
- Market wide panic have alleviated
- Goldman doom and gloom comments overlooked
The Ripple price has gained over 40%, since the lows from February 6, at around $0.56. Market players are very much relieved post SEC hearing to the Senate Banking Committee. The regulatory body are very much welcoming to the cryptocurrency market and its developments. Stress was highlighted around the scams that consistently do the rounds within the ICO market, mentioning the need to crack down on this side of things.
Renewed optimism sparked from some news flow gathering investors attention, from a Chinese think tank, Chinese Academy of Social Sciences (CASS), they are one of the top government base researchers in the country. The believe using digital currencies in cross-border payments could cut transaction time and costs, suggesting that central banks should start to use them.
Elsewhere, Goldman Sachs global head of investment research commented within a recent report, saying get ready for most cryptocurrencies to hit zero. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors. These are quite bold comments, it does make you wonder and remember that Goldman Sachs at the back end of 2017 set up a crypto trading desk, but let’s leave that thought there. Despite this very downbeat commentary, the market took no notice and continues its recovery.
Ripple technically over the short term remains bullish, looking on a 1-hour time frame, the price action is within an ascending channel. Next upside resistance is around $0.85, a clean breakout here, could open doors to $0.95 and then $1.02. Strong support is now seen around $0.70.
XRP/USD 1-hour chart
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