Ripple is the highest traded cryptocurrency. In terms of market capitalization, it is the third-largest behind Bitcoin and Ethereum. The sheer volume of the traded quantity proves that its market is highly liquid.
A highly liquid market and meager prices attracted millions of retail traders, much higher than the number in BTCUSD. This nature of Ripple has the possibility of a more substantial penetration and usage soon.
The US approves Ripple as cross-border remittance
The US Consumer Financial Protection Bureau mentioned that Ripple’s versatility and widespread acceptance could be used in supporting cross-border money transfers. And for this purpose, XRPUSD can be used as a settlement for the remittances.
Ripple is significantly different from other platforms in the essence that it is simple yet effective for a payment mechanism. Bitcoin, on the other hand, is by far too complicated for this sort of usage.
XRPUSD: Technical analysis and outlook
Ripple is moving along the trendline of a converging triangle pattern. In the last few trading sessions, it has gained and risen steadily. The daily-chart for XRPUSD shows the crucial support as well as the resistance.
The supports lie at $0.19802 and $0.17731, while the resistance is at $0.226.
A crucial thing to look out for is the break-out point for XRPUSD from the trendline. There are two possible scenarios:
- The first being Ripple continues to rise along the trendline and rises above $0.216. It will face very strong resistance from $0.216 to $0.226. If XRPUSD manages to break past that resistance level, there will arise the possibility of XRPUSD reaching $0.30 or higher.
- The second possibility could Ripple breaking below the trendline with a massive sell-off. At that point, the support at $0.19802 would come into play. If XRPUSD falls below that, it could reach $0.17.
Ripple tends to replicate Bitcoin’s movements. And by the looks of it, BTCUSD appears bullish at the moment!