- Ripple price reverses incredibly from the Fibo 50% support towards $0.20.
- Ripple’s CEO Brad Garlinghouse commends China’s approach and progress in blockchain innovation.
Ripple is among the best-performing cryptocurrencies on the day. After retesting the support at the 50% Fibonacci retracement level taken between the last swing high of $0.2119 to a swing low of $0.1733, Ripple bounced back upwards with the target at $0.20 in sight. With the moving averages’ resistance in the rearview, XRP/USD is only a few steps to $0.20.
At the time writing, Ripple is trading at $0.1976. Its immediate downside is protected by the 61.8% Fibonacci support in addition to the 50 SMA and the 100 SMA resistance turned support. An ongoing bullish momentum has the potential to take down the key descending trendline resistance.
In support of the bullish action is an upward rolling RSI. From lower levels at 38, the trend indicator is closing in on the midline (50). The MACD is also putting more emphasis on the bullish control with an approach at the mean line (0.00). Based on the current technical picture, Ripple is poised for more upward action in the near term. As for the bulls, holding above the 61.8% support is vital for gains towards $0.20.
Related reading: Bitcoin Price Prediction: BTC/USD at breakout threshold and the lift-off towards $9,500 – Confluence Detector
XRP/USD 2-hour chart
Ripple’s CEO Brad Garlinghouse envies China’s blockchain approach
The CEO of Ripple while speaking on the panel of the Chamber of Digital Commerce’s Parallel Summit on July 17 commended China’s progress in blockchain technology. He reckoned that “In some ways, I’m in awe of it.” He added:
These technologies may, in fact, be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.
This is not the first time Garlinghouse has talked about the progress China is making in the digital space. He has on several occasions asked the US government to make regulations clear. It is only with clear regulations that innovation can blossom.
Twenty-five years ago the U.S. was a leader in making the internet what it is today, but part of that came from regulatory clarity.