There is market recovery, but it appears that XRP is not responding to BTC recovery. Technically it is ready, but fundamentally, the SEC's inability to give its position on this currency is negatively affecting this currency. Some funds are not channeling their money on XRP with some fund managers who say that XRP is not a cryptocurrency but "digital money".
From the news
Unlike Bitcoin and Ethereum, coins that the US Security and Exchange Commission considers useful, XRP is still mired and in trouble for identity. Yes, the XRP and Ripple nominees are in the front row and insist that money is but a utility and even about to say that Ripple and XRP are two separate, independent entities. Ripple, they say is a software company that is geared towards providing business solutions and is a company founded in 2012.
Obviously, changing public perception would be difficult as they are now two synonyms. However, what remains a thorn is the categorization by the SEC. For example, billionaire Cohen does not invest in XRP at any time and the reasons have been elaborated by the members of Autonomous MD, Arianna Simpson.
Simpson said they were concerned about the possibilities of XRP being centralized and being listed as security by the SEC. This is not only the concern of the fund, but that of Ripple, the company that has admitted that, in the event of such a declaration, XRP will significantly reduce market valuation. To make matters worse, funds and even institutions would have taken XRP out of the way by making the illiquid currency even more.
All in all, we continue to take a neutral position pending the listing by SBI Group VC Trade to set the trend of global listing. This type of exposure helps bring the demand on XRP and this is what investors want to see.
XRP Technical Analysis
In simple words, XRP prices are in limbo. Fundamental negativity does not help, but the good thing is that prices are not traded below the 45 cents key support line. From the weekly chart, we can see that not only sellers have the upper hand, but prices literally fluctuate within a range of 10 cents between 45 cents and 55 cents with sellers taking over the last three days.
In my opinion, we will maintain the same neutral bearish position until bears exchange less than 55 cents. After all, it's easy to understand why: sellers have been responsible for the last two months and a week of positivity will not likely change that preview unless we see a follow-up.
Any strong break and closing of less than 45 cents in sellers that could bring the XRP to 15 cents as previously projected.
Now in this period of time, it is clear that prices fluctuate within a range of 10 cents with a purchase trigger at 55 cents. At the beginning of the week, the series of higher highs could push prices higher, but even after, these three days of selling pressure have not yet reversed the gains of 16 and 17 July. This is a case of effort over the results and for this reason there is a nuance of positivity when we expect the bulls to resume their reversal of trend and loss. In any case, as before, we will need a strong close above 55 cents to trigger possible gains towards 70 cents and ideally $ 1.