Ripple price recovers almost all of yesterday’s losses as investors shift their attention to risky assets after the positive results from the coronavirus vaccine from AstraZeneca and Oxford University. XRPUSD price was under selling pressure yesterday breaking below the 100-day moving average and tested the 50-day moving average, which provided the step for a bounce.
The UK Government, in an attempt to protect retail investor’s, wants to provide the Financial Conduct Authority (FCA) the power to regulate digital asset advertising under its existing regulatory framework. The UK Treasury warned that lack of regulation around cryptocurrencies and the related financial products leaves retail investors without the same protections that are granted to other regulated financial instruments.
The news comes as cryptocurrency scams are booming on social media promoting getting rich through crypto investments. Last week scammers used false celebrity endorsement and images in an attempt to steal bitcoins from investors.
Bank of Japan said that it has set up a new research office to enhance the experimentation and development of Central Bank Digital Currency. BOJ is possibly preparing for a CBDC, given the recent rising demand for cashless payments during the coronavirus crisis and growing interest from other central banks and especially from PBOC.
Ripple Price Daily Technical Analysis
Ripple price is 2.64% higher at $0.1996 breaching above the 100-day moving average after the bears yesterday failed to break below the 50-day moving average signalled a rebound. Today the technical picture has improved while a close above the 100-day moving average might attract more bulls to join the action.
On the upside, the initial hurdle for XRPUSD will be met at $0.1999 the daily top. If Ripple price breaks above $0.1999, the next resistance will be met at $0.2020 the high from July 18 trading session. A break above 0.2020, might open the way for a move to the next resistance at $0.2065 the high from July 13.
On the other hand, the immediate support for Ripple stands at $0.1939 the daily low. The next support for XRPUSD will be met at $0.1918 the 50-day moving average. If Ripple breaks below 0.1918, the price could correct further towards the $0.1886 the low from July 16.
Ripple Price Daily Chart