Ripple XRP Update: After reaching the new high at $0.90 Ripple’s XRP has been supported by the 23% Fibonacci level in the $0.72 zone. This is despite the fact that Ripple added a former Morgan Stanley veteran, Zoe Cruz, to its board of directors on Tuesday.
Ripple XRP Technical Overview
On Thursday’s Asian trading session, Ripple XRP showed a strong bullish sentiment. It’s been supported by the 23% Fibonacci retracement level of 0.72 for the past week. However, it hasn’t been able to reach the all-time-high level of $0.90 yet.
The next support level is set at the 38% Fibonacci level of $0.62. However, just like its cousins, XRP is unlikely to follow traditional market sentiment price actions.
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What’s the Deal with Ripple Anyway?
Ripple, Inc. is the company that builds and maintains the Ripple network. It has built a blockchain-based system that banks use to issue IOUs and settle debts. XRP is Ripple’s asset and native token.
What’s XRP Used for?
XRP basically has two uses. One is to pay fees on the Ripple network. The other is being used as a “bridge currency” for value transfers between any two institutions that don’t have a trusted relationship.
However, what cryptocurrency enthusiasts need to keep in mind, is that XRP is not necessary for the Ripple network to function.
Also, with CBOE and CME launching their Bitcoin futures trading, the probability of XRP becoming the global reserve has become a lot more difficult.
What’s New with Ripple XRP?
On a bright side, Ripple continues to save its spot as the 4th largest cryptocurrency by market cap. It is currently trailing behind Bitcoin, Ethereum, and Bitcoin Cash.
Furthermore, to keep up with its ambitions, Ripple has added a former Morgan Stanley veteran, Zoe Cruz, to its board of directors. Why does this make sense to the San Fransisco based startup, Ripple?
Because its business involves selling a Swift-killing blockchain software to banks. At the same time, they are also working to persuade the banks to use XRP for cross-border payments. That’s why having a Morgan Stanely veteran could help with the negotiations.
Until the long-term fate of Ripple’s XRP is figured out, we could expect a revisit of the all-time-high levels and more in the medium term.