Ripple price analysis: XRP/USD holding modest gains of 2% on Wednesday

Modest gains of 2% observed for Ripple
Partnership development have lack of influence on price for time being
Bull momentum remains soft at this time

Ken Chigbo Independent Analyst

The Ripple price is seen up marginally on Wednesday, up around 2%, surprisingly slightly underperforming in comparison to the rest of the market. There still appears to be some indecisiveness, among Ripple investors, give the lack of momentum in either direction.

As mentioned above, is surprising to see a little bit of under from Ripple, due to the developments over the last week or so for its network partnerships. The market has observed announcements from the likes of LianLian major payment processor based in Hong Kong, and UAE Exchange in the Middle East. Neither partnerships, had much influence on the price of Ripple at the time.

XRP/USD is still slowly grinding higher, with not much bull momentum behind it currently. The major resistance is seen at the about trend line, which had been supporting the price in the back end of 2017. The challenge looks to be around $1.35, support remains at underneath trend line, tracking around $0.75.

XRP/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

GBP/USD drops to 1.3200 region as UK PM Starmer resigns

GBP/USD has come under renewed selling pressure in the European session on Monday, falling back to the 1.3200 region. UK PM Keir Starmer announced that he will resign and noted that nominations for new contender will open on July 9.

EUR/USD turns south toward 1.1400 amid concerns over Iran deal progress

EUR/USD turns south toward 1.1400 in the European trading hours on Monday. Concerns about progress for the US-Iran peace deal and expectations of higher US interest rates keep the US Dollar supported against the Euro. ECB President Lagarde is set to speak later on Monday.

Gold lacks bullish conviction near $4,200 as Fed hike bets and Iran risks underpin USD

Gold maintains its bid tone near the $4,200 mark through the first half of the European session, and seems to have snapped a three-day losing streak, to a more than one-week low set the previous day. Crude Oil prices turn lower after mediators – Qatar and Pakistan – announced a formal 60-day roadmap aimed at securing a final US-Iran peace deal.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

Canada CPI Preview: Inflation expected to tick higher in May, pressuring BoC outlook

The publication of Canada’s May Consumer Price Index figures on Monday will be the focus of attention. Indeed, Statistics Canada data will provide markets with an update on price pressures following its June 10 meeting, where policymakers kept the interest rate steady at 2.25%, matching the broad consensus.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.