Tanya Abrosimova
Independent Analyst
- Arrington XRP Capital's head explains why XRP's denominated fund prefers Bitcoin
- XRP is squeezed between 50 and 100-SMA.
Speaking in an interview with CNBC, Michael Arrington from Arrington XRP Capital confessed that his fund is denominated in XRP, but the share of this cryptocurrency in the fund's investment portfolio does not exceed 3-4%. He also added that the fund holds Ethereum, Tether and US Dollars, but the largest share of the total investments goes to Bitcoin.
However, Mr. Arrington explained the rational behind the decision to denominate his fund in XRP.
“XRP […] is a really, really good way to move money. So we denominate our fund in XRP because it’s a fantastic way to move money cross-border, very quickly, at almost zero cost,” he said.
“While the other more decentralized cryptocurrencies […] find their way toward becoming more efficient, in the meantime, XRP is fantastic – and so from a hedge fund point of view, it’s great to denominate ourselves in XRP.”
Meanwhile, XRP is changing hands at $0.4540, mostly unchanged both on a daily basis and since the start of the day. XRP's market value is registered at $17.7B with the average daily trading volume $190M.
Ripple's technical picture
From the technical point of view, XRP/USD squeezed in between 50 and 100-SMA (1-hour chart), in a depressingly tight range. The local support area is seen at $0.4530-00, followed by $0.4450 and psychological $0.4400. On the upside, the local resistance comes at $0,4550, followed by $0.4600
XRP/USD, 1-hour chart
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