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- Ripple price broke below the ascending trendline, interrupting a week-long recovery rally.
- XRP price could extend the fall by 3% to the $0.5442 support level before a possible pullback.
- The bearish thesis will be invalidated once the price shatters past the descending trendline to tag the $0.6500 level.
- In an interview with Fox Business, Ripple CEOGarlinghouse dissects the impact of new Bitcoin ETFs and the future of crypto regulations.
Ripple (XRP) price continues to struggle for the third month in a row after the epic 50% rally that spanned between mid-October and November 6. Meanwhile, Ripple CEO Brad Garlinghouse has remained vocal, this time explaining how spot Bitcoin exchange-traded funds (ETFs) have validated crypto as an industry.
Also Read: XRP price takes a sudden downturn, nearly invalidating the uptrend noted since last week
Ripple CEO on the impact of spot ETFs on crypto
In an interview with Fox Business, the Ripple CEO called the spot BTC ETF approval “a very big deal,” adding that it is a validation for crypto from institutions and a government entity, the US Securities & Exchange Commission (SEC).
Cognizant that crypto has been on the outskirts of financial markets, the Ripple executive says that ETFs have ushered more institutions into the crypto asset market.
Further, Garlinghouse delved into how Ripple enables global financial institutions by selling blockchain technologies and solutions to them. What started as a payments solution for settling cross-border payments for banks has transformed with better speed and cost.
Ripple price outlook
Ripple price has lost the support offered by the ascending trendline, which had been nurturing XRP’s recovery rally. With the RSI below 50 and still nose-diving, the XRP price is likely going to extend the fall by 3% to tag the $0.5442 support.
Both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators are in negative territory, so the odds obséquio the downside.
In a dire case, Ripple price could slip past the $0.5442 support, with the potential to extend to the Fair Value Gap (FVG) between $0.4927 and $0.5111.
XRP/USDT 1-day chart
Conversely, given that XRP price recently tagged the FVG, the inefficiency in the Ripple market has been filled. This means there is no effective pull on Ripple price to the south, and the $0.5442 support could be the much-needed inflection point.
Enhanced buying pressure could see Ripple price clear the resistance due to the confluence between the ascending trendline and the nivelado line at $0.5784. This would bring the $0.6000 psychological level in sight.
In a highly bullish case, XRP price could extend the climb to collect the sell-side liquidity that resides above the trendline, potentially tagging the $0.6500 level.
In the highly ambitious case, the payment token’s market value could reach the $0.7000 psychological level, 26% above current levels.
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