the XRP/ USD closed at $ 0.95393 after hitting a high of $ 0.9733 and a low of $ 0.92334. XRP / USD rose for the fifth consecutive year on Wednesday amid the positive momentum of Ripple’s ecosystem.
Markets continued to move positively on optimism following the recent lawsuit against the SEC in favor of Ripple Labs, which ultimately brought XRP to market.
Empower Oversight alleged the SEC was biased against Ripple, and that lawsuit led to optimistic bets for XRP on the prospect that the one-year lawsuit between the SEC and Ripple could be ended in favor of the payment company. In simple terms, market participants were betting that Empower Oversight would win against the SEC, forcing the regulator to compromise with Ripple.
Takeover of the leading payment transaction company Visa Ripple Partner CurrencyCloud in a massive $ 925 million deal. CurrencyCloud enables banks and fintech companies to provide forex solutions for cross-border payments. This news also added further positive sentiment over XRP / USD.
Meanwhile, the falling US dollar rates also supported the rising rates of XRP / USD. For example, the US dollar fellindex, which measures the value of the greenback against the basket of six major currencies, at the 96.02 level amid the prevailing risk appetite in the market, driven by increasing optimism that the Omicron variant might be less effective against the US dollar and booster caused fewer hospitalizations and fewer serious infections than the Delta variant. As a result, the US dollar and XRP have a negative correlation which, in the event of a weak US dollar, gives XRP / USD additional strength.
Daily technical level
Pivot point: 0.95010
Ripple Technical Outlook – Retest XRP $ 1,025
The XRP / USD pair is trading at 0.9863 and faces a strong one resistance at 1.0252 versus. On the 2 hour timeframe, the SMA is likely to offer support at 0.9271. A surge in demand can extend a buying trend to the 1.0252 or 1.0733 resistance level.
On the flip side, a spurt of sales could trigger a downtrend to the 0.9270 support, and a bearish crossover below that could lead XRP / USD price towards the 0.8176 and 0.7632 levels. So let’s keep an eye on 0.8618 for a sell trade and vice versa. Much luck!
Source: Crypto News Deutsch