Investing.com – was the least profitable of the top ten cryptocurrencies from the recent rally, rising more than 4%.
This is arguably because the outcome of the US Securities and Exchange Commission (SEC) lawsuit against Ripple has yet to be determined with certainty. Recently, however, the situation has improved in favor of Ripple after the supervisory authority was forced to hand over the documents related to Hinman’s speech in 2018 to the fintech company.
Elon Musk’s move to close the deal with Twitter (NYSE:) this week could have a long-term positive impact on XRP. Tech blogger Jane Manchun Wong tweeted that Twitter was working on a wallet that would allow for deposits and withdrawals.
With the possible acquisition by Musk, we can assume that the latter will use Twitter for his X application in development, as he himself said:
“The purchase of Twitter accelerates the development of X, the all-in-one application”.
He has an all-in-one app in mind that could have the same success as WeChat outside of Asia and would have crypto-wallet functions. XRP, one of the top ten cryptocurrencies, should then also be supported.
Ripple Technical Price Marks
Currently, Ripple is rising at one at $0.4666, Ripple is taking 4.50%, while on a weekly basis it is gaining 2.06%.
For the past few days, trade has been around the 38.2% Fibo retracement of $0.4639. Should we manage to close the day above this level today, further gains are possible towards the 23.6% Fibo retracement of $0.4994. This resistance is reinforced by the psychological threshold of $0.5000.
But if it fails to do so, expect a test of the dynamic support of the 50-day MA at $0.4424. Below that is the 50 percent Fibo retracement at $0.4352.
On Monday, the crossing of the 50-day MA by the 200-day MA was confirmed, which must be considered as a medium-term positive signal. This event, called the “Golden Cross”, last happened last summer and sparked a rally that catapulted the price up more than 150%.
By Marco Oehrl