Most cryptocurrencies traded higher on Friday after a volatile week. XRP was trading marginally higher at $0.79 at press time. Ripple‘s General counsel, Stuart Alderoty explains why 2022 might be a decisive one for crypto’s future in the U.S. He says with Less than a quarter into 2022, He expresses no doubt that this year might be one where all eyes will be on crypto regulation. With 2022 being touted as the year of crypto regulations, the industry’s future—and America’s role in it—are on the line, he says. Technological progress is often met with resistance but the reality remains that economic competitors around the world are moving quickly to use and implement digital assets, blockchain-enabled real-time payments, and central bank digital currencies (CBDCs). Ripple was founded in 2012 to use blockchain technology and cryptocurrency to dramatically improve the speed, cost, transparency, and reliability of cross-border payments around the world.
Key Levels
Resistance Levels: $0.9150, $0.8600, $0.8200
Support Levels: $0.7500, $0.6950, $0.6220
XRP/USD Daily ChartOn the daily chart, the next key barrier for XRP/USD appears to be set around the $0.8200 horizontal level. A break over this level may easily push XRP past $0.8600 and into the $0.9150 range. The digital asset has seen a substantial breakout above $0.8000, mitigating a probable retreat, following an earlier price rejection at the $0.8493 medium-term high.
With a price goal of $0.8600 beyond the top reached on March 12, XRP is trading above its daily MA 50. The RSI has also maintained its positive posture past its midline 50, which was accompanied by a price increase. A similar advance would set a price goal of $0.8600, particularly if XRP can sustain its breach of $0.8200.
XRP/USD 4-Hour ChartOn the 4-hour chart, the short-term situation shows a rising price corresponding to the MA 50, with XRP/USD hovering above both the MA 50 and MA 200. The 4 hour RSI indicator, on the other hand, is heading down before reaching the overbought region. XRP is anticipated to bounce off initial support at $0.7500 if dips enter the scenario.
So far, XRP is attempting to find a new short-term directional bias after staging a solid technical correction from the $0.6220 support region on Feb. 24. Bulls in the XRP/USD pair must keep trading above $0.7500 to test another significant medium-term high around $0.8600. If the support level of $0.7500 is broken, further losses are expected in the pair.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
