Ripple price analysis: XRP/USD stays within bearish trend, unimpressed by MoneyTap launch

Ripple's CEO downplays market reaction to SEC decision.
Ripple remains crippled below the psychological level of $1.00.

Tanya Abrosimova Independent Analyst

It seems that XRP traders do not share enthusiastic views of Ripple's CEO Brad Garlinghouse about Japanese banks announcing the launch of MonetTap app based on Ripple technologies.

"Transactions in a matter of seconds, in the palm of your hand – we’re excited about the launch of MoneyTap" - he wrote in his Twitter account.

XRP/USD bumped into resistance at $0.9100 and resumed the downside, ending the day with 5.5% loss. The global crypto sell-off, triggered by the US SEC decision to regulate trading platforms like traditional exchanges, exacerbated Ripple's decline.

Many industry experts believe that it will be beneficial to the market, as more regulation will make the crypto universe a safer and more civilized place. Brad Garlinghouse tried to downplay the negative effect of the SEC's decision, at least for Ripple

"My POV on the SEC statement today - the market is having an outsized reaction. Exchanges ultimately have three options ahead of them: de-list ICOs, register, or close. Certainly big implications for ETH given ERC20 tokens."

But the short-term speculators take opposing view. They still have to come to grips with new reality.

Ripple price technical picture

XRP/USD is hovering around $0.8550 pivot zone with the local support produced by Wednesday's low at $0.7885. The coin stays below both 50-DMA and 100-DMA, which makes the longer-term picture look bearish. XRP/USD have to regain $1.00 to make things better, but the bullish scenario seems unlikely at this point.

XRP/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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