Ripple price analysis: XRP/USD settles above $1.13 on positive sentiment across the board

  • XRP/USD stays above $1.13
  • Reduced concerns about global regulatory crackdown drive cryptocurrencies higher

The Ripple price is trading sideways after a good bullish run on Wednesday, triggered by a series of positive news from the regulatory front. XRP/USD stalled at 1.1327, nearly unchanged on the day, while most of the other major digital currencies continue to climb higher.

Looking technically, XRP/USD needs to clear $1.20 to get a chance for an extended upside correction. The support comes at $1.00, which coincides with 21-DMA now.

Stories about Ripple partnership deals with leading global payment system providers failed in inspire XRP buyers as many traders believe that these developments won’t make XRP either more valuable or liquid.

Read more about Western Union’s partnership with Ripple

The encouraging signs that global regulators have tempered justice with mercy gave a boost to all cryptocurrencies, including Ripple. The Technology Advisory Committee of the Commodity Futures Trading Commission (CFTC) demonstrated a rational and measured approach to the industry, aiming to regulate it, but not to kill it. 

The regulators from South Korea also dispelled worries about the crypto ban, which caused the market crash earlier in February. 

Read more about South Korea decision

XRP/USD, daily chart

XRP/USD daily chart

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