At the time of writing, Ripple – the world’s 3rd most important cryptocurrency – is trading at $0.3195. After a sharp decline following the June 26th peak at $0.4938, Ripple (XRP) reached an important support level at about $0.2835 on July 16th (around its lowest level in 2019). Since this low, Ripple has been bouncing back.
XRP/USD – Daily Chart – TradingView
Where will Ripple go next?
The XRP/USD currency pair is evolving upwards within a bullish trend channel, but below an important resistance level at $0.3307, with a RSI still under its 50 neutral zone.
While the XRP price movement against the dollar made a first attempt to breach the 23.6% Fib retracement of the downward move from the $0.4742 high to $0.2849 low on July 22nd, market participants are expecting the XRP/USD to head again in the direction of the 23.6% Fib retracement and the $0.3307 resistance level to move higher towards the 38.2% Fib retracement.
However, if prices fail to break the 23.6% Fib retracement and the $0.3307 resistance, prices could head downwards, breaking below the bullish trend line pushing the XRP to sink to $0.2835.
Growing uncertainty over regulation in the U.S. could impact cryptocurrencies
Recent discussions around the launch of Facebook’s stable coin Libra have put crypto-currencies in the spotlight. From the US President’s tweets to David Marcus’s Congressional hearings, there is currently a strong interest in the crypto-industry.
More than ever, cryptocurrencies are being scrutinized. How exactly do they work? How can a non-financial company be prohibited from launching a cryptocurrency that could compete with the US dollar? What are the risks? How can the crypto-world be better regulated?
A few days ago, Chris Larsen, co-founder of Ripple, and Brad Garlinghouse, CEO of Ripple, published an open letter to the US Congress. In this letter, they call on American regulators to be open-minded in proposing fair regulation, as new hearings on the regulation of crypto-currencies took place earlier this week entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain.”
“Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth, not unlike the internet’s historic impact. As it did with the internet, the US has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability,” can we read on the letter.
“We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush.”
Using Ripple CFDs instead of buying Ripple tokens can be a better investment solution
As regulation in the U.S. will most likely move towards more control and scrutiny over the cryptocurrency sphere, some crypto exchanges have already decided to forbid American investors from holding certain cryptocurrencies.
Using CFDs to invest in the crypto-market without holding the coins themselves could be a better option for investors wanting to take advantage of crypto-market volatility and short-term gains, all within a regulated and safe framework.
image by Shutterstock
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