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Ripple price analysis: XRP/USD gained 5% on a daily basis as new crypto fund's CEO says XRP is perfect for hedge funds

XRP is the best-performing currency with 5% gains.
Michael Arrington from Arrington XRP Capital praises Ripple's cryptocurrency.

Tanya Abrosimova Independent Analyst

XRP is changing hands at $0.2982 at the time of writing. The third largest digital coin gained over 5% within the recent 24 hours and became the best-performing cryptocurrency of Top-10. XRP/USD has been recovering from the slump that took the price to $0.2668 low.

XRP is perfect for hedge funds

Michael Arrington, CEO of newly launched Arrington XRP Capital, explained why he selected XRP for his crypto fund. His two main reasons are the personality of Ripple's CEO Brad Garlinghouse and XRP's features.

“I naturally went to Brad because we become very good friends. So not everybody knows this. But crunch was originally sold to AOL, and eventually became part of the Verizon behemoth because of Brad, because he was at AOL, wouldn’t have happened without him, he was the primary person that made that deal happen naturally, I’m his friend,“ he said in the interview with Mike Butcher at the Techcrunch’s Disrupt conference in San Francisco.

Speaking about Ripple's cryptocurrency, Arrington said that it is perfect for hedge funds due to high transaction speed and low fees. This is what makes XRP stand apart.

“XRP is a fantastic currency to use for, among other things, hedge funds, we need to move a lot of money very quickly, we make investments all over the world, our LPs come from all over the world. And using banks to move money is a pain”.

XRP's technical picture

Looking technically, XRP/USD broke above SMA50 (1-hour chart), which improved its short-term picture. If the upside gains traction ahead of the European session, the price may reach $0.30 handle, followed by SMA100 (1-hour) at $0.3161. On the downside, the above-said SMA50 creates the nearest support at $0.2971, followed by $0.2766 (September 5 low).

XRP/USD, 1-hour chart

https://editorial.azureedge.net/miscelaneous/XRPUSD-636718946054297343.png

Author

Tanya Abrosimova

Independent Analyst

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