XRP/USD Violates Symmetrical Triangle Pattern – Bullish Bias Dominates!
Arslan Butt•Monday, June 28, 2021•2 min read
The XRP/USD closed at $0.64730, after placing a high of $0.64730, and a low of $0.60289. The XRP/USD remained green over the weekend, despite some negative developments surrounding it. The central bank of Israel announced that it was using the Ethereum network to test a digital version of its fiat currency, the shekel, instead of using the private version of the XRP ledger. The Bank of Israel issued a report in May, suggesting that a digital shekel payment system should have a positive impact on its economy, by simplifying payment processes while providing security to both parties in a transaction.
Earlier this year, Ripple started piloting a private version of its public, open-source XRP Ledger that could provide central banks with secure, controlled, and flexible solutions for the issuance and management of digital currencies. Ripple has stated that the CBDC Private Ledger is based on the same blockchain technology behind the XRP Ledger, which means the CBDC Private Ledger was built for payments.
Furthermore, Ripple co-founder Jed McCaleb has sold about 240 million XRP tokens so far this month. Though he still has a balance of over 431 million XRP in his wallet, this month’s selling has put added pressure on the XRP/USD. Meanwhile, the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission went forward with the regulatory body claiming that XRP token holders were targeting its members on social media platforms with allegedly false statements. On Thursday, Judge Sarah Netburn, of the Southern District of New York, was presented with a motion in which the SEC has requested a meeting to discuss suppressing the motion from Ripple to subpoena the former director of the regulatory body’s division of corporate finance, William Hinman.
The SEC argued that the motion put forward by Ripple would set a precedent for the company to be allowed a parade of requests for the testimony of high-ranking government officials, that would interfere with government operations. Despite all these negative developments surrounding the Ripple environment, the XRP/USD still managed to post gains for the weekend, mainly because of the improved market sentiment amid Bitcoin’s comeback and the weakness in the US dollar.
Daily Technical Levels
Support Resistance
0.61770 0.66211
0.58809 0.67691
0.57329 0.70652
Pivot Point: 0.63250The
XRP/USD pair is trading with a slightly bullish bias at the 0.6440 level, having violated the symmetrical
triangle pattern at the 0.6344 resistance level. At the moment, the same trading level is extending support to the Ripple at the 0.6344 level. The 50 periods EMA remains at 0.6329, and Ripple is likely to cross over this level. Closing of candles over the 0.6329 level could drive more buying until 0.6910 and 0.7945. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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BS!! What has xrp done itself??… what btc does all alts follow, even the slightest movement. Yeah sure, with an obscure alt coin being an exception each time.
Waste of time and bandwidth predicting from these charts.