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The price of Ripple XRP has risen in the last week with BTC after the rebound of the US dollar has started to fade, but there is still a possibility of a breakout in the USD and that could lead to further lows in XRP.
The US Federal Reserve central bank announced yesterday that it intends to keep rates low until 2023 if the economy calls for stabilization. The reality there, as with most central banks, is that as debt increases, a rate hike would push government spending requirements higher. This will see policymakers keep rates as low as possible, indefinitely.
The threat of a further financial market crisis still exists and this has been accelerated by the Coronavirus response. Many commentators have claimed that the virus will accelerate the adoption of digital currencies. We have seen this become a real talking point in US policy where lawmakers have shown concern about China’s shift to a digital Yaun, while some have tried to insert a digital wallet into the first stimulus bill as a means of providing support. financial.
At the moment, developers are quietly trying to improve their processes and technologies, which leaves the cryptocurrency market at a standstill in the discovery of prices, where Bitcoin still leads the market as it follows the ups and downs of the US dollar. This may change with the further adoption of the digital currency, but for now it can still cause losses if the US economy recovers without greater stimulus.
Ripple XRP technical perspectives
Ripple XRP’s price rose after BTC’s push to the upside this week, but the price movement in both coins lacks strength. The drop to $ 0.2500 puts XRP at risk of further lows if it fails to break out of the recent resistance and a drop to $ 0.2100 is possible. The Investing Cube team is available to assist all levels of trader with a one-to-one Forex Trading or coaching course.
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Ripple price daily chart
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