Ripple (XRP) has been very volatile since the beginning of this week. After showing positive price movement on Monday, Ripple has been correcting since Tuesday and has slumped 20% since then. At the time of writing, XRP is trading lower by 5% at $0.3310.
Key Supports & Resistances
If the digital asset maintains the declining momentum and panic continues to make people sell, then XRP prices will dip massively and close below $0.34, which will invalidate prior XRP/USD trade plans. Currently, prices have gotten back to consolidation in the $0.15 range with caps at $0.50. On the technical chart, a breach of the $0.31 level will most likely nullify the bullish outlook of the trade plans as bears are expected to drive prices to $0.285 thus retesting the main support level of Q1 2019.
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Ripple (XRP) is strongly protected by the so-called XRP Army. The Army supports Ripple, which is the third most liquid asset in its strength, and will shut down any critics of XRP regardless of the validity of their inquiries or objective. As a result, their efforts have paid off and have seen XRP being embraced by Binance as its base currency.
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Equally the efforts of the army have seen a response from Skype, although that request is still being contemplated. Ripple is focused on expanding globally as a payment settlement platform. However, Marjan Delantine, the Head of Global Banking, indicates that the objective is not to outcompete SWIFT, which is already established, and other platforms but rather to complement them.
The appointment of IMF Managing Director Christine Lagarde as the head of ECB is good news for the crypto industry because she is open to cryptocurrencies and more so to Ripple (XRP). The ECB does still hold a firm stand against Bitcoin, which they say is an asset rather than a currency, but her being at the helm could bring about changes to the ECB’s crypto attitudes.