XRP is one of the cryptocurrencies affected by the red-painted tide on the market for digital assets.
This fall, Cryptocurrency issued by Ripple Labs lost its $3 level It is currently being negotiated for $2.90.
Therefore, XRP lost $2.98 in “important support.” This was a critical level of assets to maintain the upward trend, as explained by analysts in the TrainingView community.
The following graph shows how XRP actions took place this year.
As seen in the previous image, the next support (violet rectangle) is in the $2.80-2.75 range and can act as an XRP floor at previously stopped levels and persistent bearish trends.
In this way, it will prevent the price of the third most valuable asset in the market He suffered from deeper corrections and was able to recover from his bullish impulses.
Financial Markets Analyst Jainam Mehta emphasizes the importance of keeping XRP at a level of between $2.74 and $2.80. This is “a line that defines whether an asset maintains a constructive foundation.” He further states: “Unless XRP falls below this level, buyers can continue to protect the structure. However, a critical closure above $3.06 is a truly necessary signal for the Bulls to recover broader control.”
For this to happen, XRP relies on positive macroeconomic news. For example, the United States has managed to make a trilateral meeting with Vladimir Putin and Voldimir Zelensky to agree to the high fires in the war between Russia and Ukraine.
As reported by Cryptonoticias, the head of the Fed will become the main character of an event that brings together central bankers, finance ministers, economists and investors. The market focus will be mentioned in the speech provided on Friday, August 22nd.
The market will pay attention to Powell’s speech to predict the Fed’s decision. It is expected to maintain a careful tone. This enhances bearish vision, but advances in rate-cutting can create bullish effects and volatility that day.
This is important. This is because lowering interest rates also reduce funding costs and increase liquidity in the system. In that case, the investor’s appetite will wake up for risky assets that generate greater returns, but is exposed to market volatility, such as cryptocurrencies.
It’s in the background, but another active price catalyst Possibility of approval of XRP’s Bolsalist Funds (ETFs) in the US. Companies such as Grayscale, Bitise, Canary Capital Group, Coinshares, 21Shares and WisdomTree have submitted corresponding applications before the institutions that are primarily sided with Paul Atkins and awaiting resolutions.
The latest novelty about XRP ETFs is that the SEC has postponed the response to the application presented by Coinshares until the end of October.
The launch of these regulated products provides more visibility into assets among more traditional investors and encourages the entry of corporate and business capital. This is because its management is very similar to that of stock market behavior.
Another bullish factor is the partnership of banks that Ripple is counterfeiting. On July 9, the company led by Bradgarlinghouse announced that BNY Mellon, the oldest financial organization in the United States (founded in 1784), would act as the leading manager of the reserves of the Stablecoin Ripple USD (RLUSD).
Meanwhile, on July 2nd, Ripple submitted a request to obtain a national banking license in the United States. This places RLUSD under the supervision of the Director’s Office of La Moneda (OCC). If approved, it could strengthen the market’s trust in a stable currency.
If these presentations get green light and are accompanied by a macroeconomic context, It’s easy to estimate XRP prices will be over $3 In the short term.
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