Ripple's CEO sees an era of IPO in cryptocurrency industry
Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.
Ripple may go to IPO
Speaking at the World Economic Forum in Davos, Ripple's CEO Brad Garlinghouse said that initial public offering (IPO) is a natural evolution of any company.
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”
Thus he said that in the coming years we would see an IPO boom in cryptocurrency and blockchain industry. He even hinted that Ripple might also launch an IPO. Some community members believe that this is a positive signal for Ripple as it will attract institutional investors to the project.
XRP/USD: technical picture
XRP/USD is trading at $0.2158 with the nearest support created by a psychological $0.2100. This area is reinforced by SMA50 daily. Once it is taken out, the sell-off may be extended towards$0.2000 and an ultimate bearish goal created by the lower line of the daily Bollinger Band at $0.1960.
On the upside, the initial bull's target is seen at $0.2200. This level limited the decline during the previous week; however, currently, it serves as resistance are. We will need to see a sustainable move above this handle for the upside to gain traction. The next important area comes at $0.2300. Once it is out of the way, we may see an extended recovery towards SMA100 daily at $0.2380.
XRP/USD daily chart
Author
Tanya Abrosimova
Independent Analyst
