Ripple and its connected virtual asset XRP are often joined by the hip even though they are two separate entities. Updates and company partnership announcements, even when they are not related to Ripple’s default cryptocurrency, usually have an impact on the market price of XRP.
Recently, the cryptocurrency industry has been in trouble following attacks from US President Donald Trump and his Treasury Secretary, Steven Mnuchin. Last week, US President attacked virtual assets such as Facebook’s Libra virtual coin and Bitcoin, expressing in a tweet his disapproval of the whole industry.
“Here in America, we only know of one real currency, a currency that is stronger, dependable and reliable more than ever,” Trump tweeted. “The American Dollar is by far the most dominant and stable currency anywhere in the World. It has always been that way, and it will always be that way. The currency is the US Dollar!”
Trump’s sudden interest in Bitcoin and cryptocurrency and his dismissal of the market highlights his increasing interest in the currency markets. The US president didn’t go after Ripple (XRP) directly, but he attacked Libra, Bitcoin, and cryptocurrencies in general. Why? Is Ripple an exception for him? No. That’s we think because it hasn’t caught his attention yet (we think).
Of late, the Trump administration has been showing strong signs of controlling the global currency market, and it seems cryptocurrency is standing on their way. Many financial market experts see Trump’s interest in the currency markets as a way of creating a new world order in the FX sector.
On his part, Mnuchin, the US secretary mirrored President Trump’s comments in a White House media briefing claiming cryptocurrencies have been used and have the potential to facilitate financial crimes. The US secretary told reporters:
“Virtual currencies such as Bitcoin have been used by corrupt people to support billions of dollars of illegal activities such as tax evasion, human trafficking, drug trafficking, cybercrime, extortion, and ransomware,”
“Many people continue to attempt to use virtual currencies to support their maligned behavior. As a responsible government, we take this as a national security issue that needs urgent attention.”
Since the immemorial time, the financial sector has always been the most important in the world due to its strong relationship between the high political bodies and regulatory authorities. Almost all influential government bodies and administrations rely on the financial markets to perpetuate their policies and ideologies. The entrant of new players in the financial sector that want to alter the traditional way of doing things in the industry is usually met with opposition.
This fact is a point of concern for the crypto ecosystem as traditional forces are working behind the scenes to hinders the growth of the emerging industry. However, history shows us that it is impossible to stop an idea whose time has come. It is the time for the virtual economy and e-commerce in the current world that we live in. So, instead of putting roadblocks, concerned players should look into ways to integrate crypto into mainstream operations.
Ripple (XRP) Price Analysis
Following Tuesday’s market price dip that saw the cryptocurrency trading at a low of about 0.2834 USD, Ripple’s XRP is slowly showing signs of recovery trading at about 0.32 USD at the time of writing. In the last 24-hours, the third most influential virtual currency that has a market cap of about 13.6 billion USD, witnessed a 6.46% market appreciation in its value.
The native Ripple cryptocurrency XRP’s attempt to break off the critical support level of 0.25494 USD seems to be yielding fruits. Since December 2018, Ripple’s XRP has held on this support level on four different occasions, forcing us to expect a strong resistance once again.
Wednesday’s trading saw the crypto asset achieving an impressive upside correction to land the crypto above the 0.310 level against the USD. Despite Ripple’s failure to gain momentum above the 0.325 USD market price level, the price hovered near the 0.32 level, restoring hope in the crypto asset.
As things stand, it is just a matter of time until the bulls make a comeback in the industry. Ripple investors and traders should be patient or work on minimizing their losses.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.