© Reuters
Investing.com – Over the past week, has repeatedly bucked the overall negative trend in the cryptocurrency market. Amid losses in other digital assets, the site saw modest price gains, due to the latest developments in the SEC’s lawsuit against the fintech company.
The situation has changed drastically, however, because while , , and show gains of up to 10 percent, Ripple still lags behind with -0.21 percent.
Crypto investors are rejoicing that with the recent disruptions in the US banking sector, the likelihood of one in March has dropped to almost zero. After Fed Chairman Jerome Powell’s hearing, it was still 80 percent last Tuesday.
The fact that XRP investors do not see anything positive in the current situation is due to the failure of Silicon Valley Bank (SVB). In response to speculation that Ripple has nothing to do with SVB, attorney John Deaton remarked that if it did, management would have already spoken out about it.
On this subject, CTO David Schwartz said that an official statement would be released soon. In the meantime, CEO Brad Garlinghouse announced that Ripple has a commitment to SVB, but the cash is meanwhile spread across a wide network of banks.
He reassured the community by recalling that his business was financially stable. The fact that the price has not yet reacted positively could be explained by the skepticism that such statements have generated since the disappearance of various crypto companies last year. Indeed, all the actors who disappeared in the meantime claimed, just days before the final collapse, that there was no cause for concern.
Ripple price technical benchmarks
Ripple is currently losing -0.21% with an XRP/USD price of $0.3579, while the weekly loss stands at -0.37%.
The cryptocurrency recorded a new mid-low at a price of $0.3479 on Sunday, but the day’s closing price was above the 61.8 percent Fibo retracement of $0.3600.
Today this level is already tested again and if it is permanently pushed in, expect a test of the mentioned low and an extension of the downward move towards the 78.6 Fibo retracement for cent of 0.3404 dollars.
On the other hand, the 50 percent Fibo retracement of $0.3737 offers resistance and only if breached on the daily close can the rally extend towards the 38 Fibo retracement, 2 percent of $0.3875.
By Marco Oehrl