XRP has performed poorly since the start of 2018. At its peak, the digital asset had around 17.6% market dominance, however, it has slowly started declining, currently only at 3.2%. On the daily chart, the price of XRP formed a descending parallel channel that finally saw a notable 6.5% breakout on October 4.
The bullish breakout played perfectly, closing above the upper boundary and then re-testing it as support in the next few days while holding the 100-SMA. Bulls got enough continuation to crack the 50-SMA and turn into support as well.
XRP price is currently re-testing both the 50-SMA and the 100-SMA as support levels but has already established a daily uptrend after setting a few higher lows and several higher highs.
The RSI is not overextended at all and has left more room for the bulls. The MACD has been bullish since September 17 and shows no signs of weakness just yet. The next target price for XRP is the $0.26 resistance level followed by the psychological level at $0.3.
Ripple CTO Lost $56 Million By Selling Too Early
David Schwartz, the CTO of Ripple recently posted a Tweet saying that he bought around 40,000 Ethereum in 2012. However, his wife insisted on a derisking plan which made Schwartz sell many of his holdings right then. The CTO owned Bitcoin and XRP and sold both for $750 and $0.10 respectively.
The idea to sell the ETH was only his, he asserts. At the peak of Ethereum, that would have been close to $56 million.
On the other hand, Brad Garlinghouse, the CEO of Ripple criticized the lack of regulatory clarity in the U.S.
However, last week’s DOJ report lists 8 separate US reg bodies each with a different view: crypto is property, crypto is a commodity, crypto is a virtual currency, crypto is a security, etc. Regulation shouldn’t be a guessing game. https://t.co/B18ZIVodZC (3/5)
— Brad Garlinghouse (@bgarlinghouse) October 12, 2020
Garlinghouse warned that if the regulatory framework doesn’t improve, perhaps they will be forced to move out.
if we need to move to another country to get that, then that’s the path we will have to take.
Additionally, the CEO also heavily criticized US regulators for making decisions that ‘actively favor Chinese technologies OVER US companies’.
Nonetheless, Kraken is the first cryptocurrency exchange to become a US Bank, after an announcement in September.
Top 9 Crypto News Summaries from this week
Ripple Price Prediction – How High will XRP reach in 2050?
Chainlink Price Prediction: LINK ready to climb higher after defending critical level
Chainlink Price Prediction: LINK jumps 7.6% to hit $10.67
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Top 3 Cryptos Of The Week: LINK, AMPL and CEL Jump 13%
Ripple Price Prediction: XRP Downtrend Continues
Ripple Price Prediction: XRP Could be Poised For Further Correction Down to $0.40
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Analysts are LOVING XRP Gains! Will XRP price reach 1$ soon?
Breaking: Ripple IPO could come in 2020
Ripple Price Prediction – How High will XRP Reach in 2025?
XRP Price Prediction: Ripple’s Expansion Plan confirms XRP price at 3$?
Waves Price Analysis – WAVES Price Aiming For a Re-test of a Crucial Pattern
Yearn.Finance Price Prediction: YFI sees 140% price explosion in two days
Ripple Lawsuit Decision SOON – Excessive Optimism or Reality?
“Ripple’s XRP A Scam”: Bitcoin Analyst amidst Lawsuit Row
Why is Cardano Price DOWN? Don’t get FOOLED!
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