Ripple Price Forecast – XRP/USD Three White Soldiers – Bullish Recovery in Play

BITCOIN dropped and suffered huge losses and along with ETHEREUM, Dogecoin and Ripple also followed the trend. This news came in a day after the U.S. Treasury Department said that it would require reporting on the crypto transfer of more than $10,000 just as with cash. Before this, the crypto market was also under pressure because of the negative comments from Elon Musk.Back-to-back negative developments in the crypto market added pressure on all digital assets, including Ripple, and dragged its prices below 0.71000. Furthermore, one of the co-founders of fintech firm Ripple, Jed McCaleb, has sold an estimated 265 million XRP this month. This news also added pressure on already declining XRP/USD prices. Meanwhile, Ripple announced that it had appointed former U.S. treasurer Rosie Rios to its board of directors. Rios was the 43rd Treasurer of the U.S. and has served under President Barack Obama.

On the other hand, the advancing U.S. dollar also added pressure on the falling prices of XRP/USD. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose above 90 levels and weighed on the prices over the weekend. The greenback was strong across the board due to better than expected PMI data release on Friday.