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Cryptocurrencies Price Prediction: Ripple, VeChain & Crypto – European Wrap 12 July

Cryptocurrencies Price Prediction: Ripple, VeChain & Crypto – European Wrap 12 July
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Ripple CEO says institutional adoption is coming, XRP extends gains by 5%

Ripple (XRP) traders’ sentiment turned positive on Friday, as CEO Brad Garlinghouse highlighted the addition of XRP-Dollar reference rate and indices to the CME Group and CF Benchmarks. 

The CME Group is a leading derivatives marketplace, and CF Benchmarks is an FCA-regulated Benchmark administrator. The addition of XRP indices shows how the asset is heading towards finding utility in institutional crypto products. 

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VeChain break above descending trendline sparks rally speculation

VeChain (VET) price broke above a descending trendline earlier this week, suggesting a bullish trend ahead, and consolidates around 0.0263 on Friday. Potential buyers on the sidelines may consider accumulating VET from $0.0247 to $0.0239 before anticipating an upward rally in the coming days.

VeChain price broke above the descending trendline, drawn by joining multiple swing highs from June 7 to July 8, on Tuesday and rallied 4% in the next two days. 

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Corporates have weighed in on crypto once again

The crypto market capitalisation fell by 0.8% in 24 hours to $2.11 trillion. An attempt to strengthen the market's offensive on news about inflation in the US attracted new sellers, which this time can easily be linked to the similar dynamics of the Nasdaq index, with which crypto has the closest correlation.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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