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XRP: Coin with Great Potential

XRP: Coin with Great Potential

Information is not investment advice

What is XRP?

XRP is the cryptocurrency based on Ripple, which is a blockchain-based digital payment network and protocol owned by Ripple Labs Inc.

Ripple is a digital payment network for financial transactions. It was created in 2012 by Chris Larsen and Jed McCaleb. Ripple's main process is a payment settlement asset exchange and remittance system, like the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.

Ripple operates on an open-source and peer-to-peer decentralized platform that allows a seamless transfer of money in any form, whether it's dollars, yen, euros, or cryptocurrencies, like Litecoin or Bitcoin. Ripple is a global payments network and counts major banks and financial services amongst its customers. XRP coin is used in its products to facilitate quick conversion between different currencies.

Ripple vs SEC

When the U.S. Securities and Exchange Commission (SEC) filed its bombshell lawsuit against cryptocurrency innovator Ripple Labs in December 2020, it didn’t expect blowback. SEC claimed that Ripple Labs Inc. mislead investors about its XRP cryptocurrency. The SEC sued Ripple, co-founder Christian Larsen and Chief Executive Officer Bradley Garlinghouse in a “vacuum” that allowed them to sell XRP into a market with the limited information they chose to share. The agency alleges that the two men personally profited by about $600 million and ignored legal advice that the cryptocurrency could be considered an investment contract and therefore a security. It accused them of selling the virtual tokens without registering them as such.

SEC's main goal is to take control over the XRP coin and recognize it as a security. This process can affect the whole crypto market that’s why the community is watching it closely as Ripple victory would lead to a huge coin pump and the whole crypto market bullish sentiment. 

Technical analyses

4H Chart

XRPUSDH4.png

XRP broke through the resistance line and facing new highs. Right now it is trading under two big resistance levels of $1.3 and $1.34. As soon as the price breaks through $1.34 a long trade might be opened. Targets are $1.45 and $1.6.

On the other hand, if Bitcoin reverses the $1.05 support level should be watched. In case XRP breaks it thought the price will drop immediately to $0.9 and $0.8.

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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