The price of XRP has decreased in the past few weeks, and technologies indicate deep diving if they lose a decisive support level. Ripple has been divine from the highest level to the year to $ 3.40 to $ 2.2. This incident led to a survey of $ 62 billion, as the maximum market decreased from more than $ 189 billion to $ 127 billion.
The XRP price is disrupted despite the strong basics
The continuous XRP price collapsed even after Ripple had some great positive news recently.
Her most important news came earlier this month when the Securities and Stock Exchange Commission (SEC) voted to end its appeal against Ripple Labs.
This was an important thing because it means that Ripple paid a small part of two billion dollars the agency wanted.
Moreover, the decision means that Ripple Labs will now be the freedom to sign more deals in the United States. According to Garlingez, Ripple stopped largely from any major deals in the United States after a SEC lawsuit, as most of its work comes from other countries.
Many American companies were martyred by continuous litigation to reject the deal. Therefore, with a ripple condition, analysts expect that there will be more deals. In fact, Garinghouse noted that the number of deals signed six weeks after Trump was more than that six months ago.
The price of XRP was shattered even after Ripple continued its partnerships and organizational victory. I have partnered with Chipper Cash, a famous payment network in Africa. The company will now use Ripple to improve its payment network over time.
ETF ritual possibilities increased
The XRP price has also shattered with ETF Ripple approval. There are now more than 10 XRP ETF applications from famous companies such as Grayscale, Canary and Franklin Templeton.
Analysts believe that SEC does not have a good reason to reject this money because it has already accepted Bitcoin and ethereum. Also, the judiciary said that XRP is not safe. In fact, Polymark’s possibilities for XRP ETF approval jumped to more than 86 % this year.
More importantly, Ripple has the resources it needs to create a Swift applicable alternative, a payment network that deals with more than $ 150 trillion in transactions every year.
To succeed, you will need Ripple on the largest possible number of banks, which is now possible after the company’s legal obligations ended. Banks and consumers prefer liquidity upon request (ODL) because it is a faster and cheapest alternative to Swift.
Technical analysis of XRP price
XRP Price Chart | source: Tradingvief
The weekly graph shows that the price of XRP has decreased this year. Attempts to recover have found great resistance in the past few months.
It has now decreased to less than the level of Fibonacci’s tradition by 38.2 % at $ 2.24, a sign that the declining momentum is continuing.
Ripple PRICE also sank to below the moving averages for 50 weeks and 100 weeks. The most prominent of which was a head style and shoulder, a famous downtown mark in technical analysis.
Therefore, there are possibilities for the price of XRP to last in the coming weeks. This landmatic view will become valid if the currency falls under support at $ 1.9770, which is the neckline for this H&S style. The downward view will be nullified if the currency rises above the key resistance level at $ 3.0.
Post XRP price prediction: Why can it be disrupted although good Ripple news first appeared on Invezz
