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Bullish ripple as constant bitcoins above $ 6,000

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As the industry grows, regulation is important even if Bitcoin and other blockchain projects are shaking up for full decentralization and decoupling from government influence. But when reality creeps in and advocates realize that industry can not get away with it if liquidity and volatility have to reign, then the importance of the bill for growth and transformation (PACTE) President Macron is working hard will also be clearer. If everything goes on as a plan and legislators approve an amendment that aims to reduce taxes on capital gains from 36% to 30%, traders would benefit from tax relief by encouraging take-up.

Read also: Another warning from the Chinese Central Bank on the risks of cryptocurrency

As the regulation eases, Mike Novogratz is now withdrawing his ambitious BTC target by blaming thin volumes and low volatility. Mike, a drug dealer and Bitcoin investor, had predicted that Bitcoin would test $ 40,000 by the end of the year by investing in institutions to accelerate earnings at a FOMO moment. But it's not going according to plan. Instead, the BTC / USD is expected to close near the $ 9000 mark after the bulls have broken above $ 6,800.

BTC / USD price analysis

BTC / USD price analysis

Back to the price and BTC / USD is everywhere. Even if we maintain a positive outlook on price, the mere fact that buyers fail to build momentum and close above $ 7,200 is deflating for bulls.

Although prices are trading above the main support line of $ 6,000, this week's close above the main resistance trend line is positive. It may also be the much needed impulse for bulls to exceed $ 7,200 who light the bulls for $ 8,500 in line with our latest BTC / USD business plans.

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Uncertainty about the interpretation of SEC XRP is a major concern for investors. But this should change now that the SEC plans to publish a reference guide for ICOs. Obviously this is positive and investors should be cautious in channeling their funds to projects that the US regulator could end up classifying as security complicating things.

More information on institutional involvement: Creator of Dogecoin: Bakkt, Fidelity and Bitcoin ETF are harmful for Cryptocurrency

While this is what the sphere needs, XRP is cementing as a force in space. By obtaining a $ 300 structure that allows BTC, ETH and XRP currency holders to store their assets on the platform in exchange for USD loans, we expect an increase in liquidity. In a cascade effect, volatility should theoretically diminish encouraging institutional participation.

After all, in their report on the third quarter XRP market, Ripple said that direct institutional sales increased from $ 16.87 million in the second quarter to $ 98.07 million, which means institutions are accumulating XRPs.

XRP / USD price analysis

XRP / USD price analysis

The thing is as long as XRP / USD is over 40 cents, so our latest XRP / USD business plan is valid. In that case, we expect traders to add their longs in lower time frames. However, this should be done strategically with the Fibonacci retracement tool anchored on potential high and low marking points.

Already, our buying zone between 55 cents and 40 cents is clear. As such, with each breakout exceeding 55 cents, traders are free to buy on-site. Safe stops would be 50 cents. So far the conditions of our business plan have been met. Therefore, we suggest buying on-site in the direction of the week which will end on September 23rd. As in the previous XRP / USD price analysis, the first target is 80 cents and subsequently $ 1.

All graphics courtesy of Trading View

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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