Sunday, July 21, 2024

XRP Tumbles 3% Despite Ripple’s CEO’s Vision of New SEC Chair and Bright Crypto Future.

In terms of cryptocurrency, Ripple CEO Brad Garlinghouse stated that the US would benefit from having a new SEC chair. He emphasized that Ripple prospered under SEC monitoring, but only outside of the United States. Garlinghouse expects a more open or expansive market now that the XRP ecosystem is experiencing greater clarity.

However, he recognized that the US authorities were an ongoing obstacle, citing animosity and enforcement via legal action. Garlinghouse described the SEC chair as a political liability, implying that it would be best to have a new officer. Knowing that cryptocurrency is a technology that will endure, Garlinghouse pushed the agency to adopt it.

Garlinghouse went into further detail about how Ripple helps international financial institutions by offering blockchain solutions and technologies for sale. What began as a way for banks to settle cross-border payments has evolved into something more affordable and faster.

Outlook for Ripple Prices
The rising trendline that was supporting XRP’s recovery rally has now abandoned ripple pricing. Given that the RSI is continuing nose-diving below 50, it is expected that the price of XRP will continue to decline by 3% in order to reach the $0.5442 support level.

The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) indicators are both in the negative zone, indicating a preference for the downside.

In a worst-case scenario, the price of Ripple might break through the $0.5442 support and possibly reach the Fair Value Gap (FVG) between $0.4927 and $0.5111.

On the other hand, the inefficiencies in the ripple market have been addressed because the price of XRP recently crossed the FVG. This indicates that there isn’t a strong force pushing the price of Ripple lower, and the $0.5442 support level may be the crucial turning point.

Given the intersection of the horizontal line at $0.5784 and the rising trendline, there is a chance that increased purchasing pressure will push the ripple price past the barrier. This would enable the psychological level of $0.6,000 to be seen.

In a very optimistic scenario, the price of XRP might continue rising to gather sell-side liquidity above the trendline, possibly reaching the $0.6500 mark.

The market value of the payment token can rise 26% over present levels, to the psychological level of $0.7000, in the most ambitious scenario.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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