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

XRP falls toward $1.00 amid muted ETF activity

Ripple (XRP) edges lower toward the short-term $1.05 psychological support level at the time of writing on Wednesday. This marks three consecutive days of losses, undermining investor interest and the broader optimism for a potential deal between the United States (US) and Iran to reopen the Strait of Hormuz.

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Crypto Today: Bitcoin, Ethereum advance while XRP lags amid US-Iran deal optimism

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Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.