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Cryptocurrency XRP has pleased bulls, but bears are not asleep

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Cryptocurrency XRP has pleased bulls, but bears are on the alert

Cryptocurrency XRP has pleased bulls, but bears are on the alert
CONTENT

  • Ripple breaks out into the leaders of growth after a protracted decline

  • The upward trend in cryptocurrency is driven by technical factors

  • Company news no longer has a significant impact on the coin rate

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Fintech startup Ripple has settled above the psychologically significant $ 0.2000 mark for the first time since early June. XRP has risen in price by more than 12% since the beginning of the week, but the bears have not gone anywhere.

Cryptocurrency XRP has pleased bulls, but bears are not asleep

At the time of this writing, the coin is trading near the $ 0.2000 mark, while previously the price tested $ 0.2070, and this is the highest value in almost a month. She was last seen at these levels on June 11th. Since then, bears have been in control of market sentiment. By June 28, they managed to push the XRP rate below $ 0.17, despite the global expansion of Ripple in various exotic markets, including Brazil and other Latin American countries..

XRP / USD chart. Source TradingView

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A foundation that doesn’t exist

Cryptocurrency XRP has pleased bulls, but bears are not asleep

Ripple’s head of international banking, Marjan Delatinne, in an interview with Future of Finance, explained that the company is focused on creating payment corridors in “exotic” locations, with Brazil being one of the company’s priority areas..

Delatinne’s comments followed reports of a virtual meeting of Ripple executives, including CEO Brad Garlinghouse, with Brazilian central bank president Roberto Campos Neto. The details of the discussion were not disclosed, although it is known that institutional issues were discussed at the meeting “behind closed doors”.

Earlier, news about the startup’s partnerships steadily increased the interest of traders in the coin, but recently, interest in them has noticeably decreased. Anthony Pompliano, co-founder of the hedge fund Morgan Creek Digital, drew attention to this, who noted that the cost of XRP does not depend on the success of Ripple..

Meanwhile, according to Ripple CTO David Schwartz, the current value of the cryptocurrency reflects the “wisdom of the crowd,” that is, it is a fair estimate. When asked why XRP has been in range for so long, he noted:

“I am sure (as crazy as it may sound) that cryptocurrency rates in general reflect the wisdom of the crowd and are a fair assessment of the expected events in the future. Of course, with this opinion I am in the minority, and they will certainly tell me now that I am wrong. But I am convinced of this “.

 Return of the bears

However, XRP spent a few more weeks in the bearish trend. And only in the middle of the week, the notorious XRP army breathed a sigh of relief. However, the bears have not gone anywhere yet, but only took a break. Since the beginning of the day, XRP / USD has dropped by almost 3% and now the price is trying to overcome $ 0.2000 again and return to the previous range. If this happens, sales may continue, and bears will have a real chance to seize the initiative again.

For more on what’s ahead for Ripple, see our 2020 forecast.

Cryptocurrency XRP has pleased bulls, but bears are on the alert

The rest of the top ten cryptocurrencies are also growing, but less rapidly. Bitcoin has risen in price by about 2% and approached the $ 9500 mark, Ethereum is now confidently moving towards the key resistance of $ 250. Cardano (ADA) has become one of the most prominent growth leaders. The coin has risen in price by 25% per day and continues to storm the heights. It now ranks sixth in terms of market capitalization, moving up two positions in a few days..

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