- Ripple to be Welcomed by U.S Government, deduced from Steven Mnuchin’s speech
- Ripple XRP Price Analysis – Strong price rally to $0.26 awaits Ripple XRP
At the recent World Economic Forum 2020 held in Davos, Steven Mnuchin, the U.S Treasury Secretary stated, when answering questions, that the U.S government is in support of cross-border payment companies that make transactions affordable for both traders and buyers. With the mention of cross-border payment, the Ripple community now believes the security was talking about Ripple.
Steven Mnuchin only made mention of MoneyGram, but since his statement was shared by the Ripple CEO Brad Garlinghouse on his Twitter page, some in the XRP community concluded that US regulators are ready to acknowledge and support Ripple as part of the innovated financial and banking system.
XRP (XRP) Price Today – XRP / USD
Besides, all that Mnuchin said about these cross-border remittance systems do apply to Ripple:
“There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We support companies working on this.”
Ripple XRP Price Analysis – Strong price rally to $0.26 awaits Ripple XRP
Currently, Ripple XRP price is recovering above $0.2325 against the U.S Dollar and BTC is trading above $8,700. XRP price might rise towards $0.2500 or $0.2600 once it vacates the $0.240-$0.2420 resistance.
Ripple XRP began a moderate surge against the U.S dollar after forming support above $0.2240 and $0.2260. Ripple XRP price broke the $0.2320 resistance level and the 100 hourly simple moving average.
Also, there was a break above the 23.6% Fib retracement level of the downward move from the $0.2540 high to $0.2240 swing low. Though XRP price encountered a strong resistance close to the $0.2400 level and it appears to be trying to settle above the 100 hourly SMA. Notably, yesterday’s significant bearish trendline is active with resistance close to $0.2385 on the hourly chart of the XRP/USD pair.
The XRP price trend line aligns with the 50% Fib retracement level of the downward move from the $0.2540 high to $0.2240 swing low. Thus, ripple price must exceed the trend line and the $0.2400 resistance to continue higher in the short term. A successful close above $0.2400 could begin a strong rally and the price might increase towards the $0.2500 and $0.2550 levels. Any additional gains might steer the price towards the $0.2600 level.
The MACD for XRP/USD is gradually losing momentum in the bullish zone. The RSI for XRP/USD is presently attempting to settle above the 50 levels. The Major Support Levels are $0.2300, $0.2240 and $0.2200. While the Major Resistance Levels are $0.2385, $0.2400 and $0.2420.