Ripple price trades slightly higher but the rebound looks fragile as the bears are in full control. Since June 18 when XRPUSD breached the 100-day moving average the number four cryptocurrency failed to make any significant bounce, to give bulls a sign of strength.
The use of cryptocurrencies has increased in the UK according FCA
The Financial Conduct Authority of UK (FCA) published its latest research on June 30 about how consumers interact with crypto markets in the country. The research found that 1.9 million people, almost 3.86% of the general adult population, currently own digital currencies up from 3% in the last FCA consumer research report in 2019. FCA’s latest report shows that there has been an increase in the total number of UK consumers who have ever held crypto at any point, up from 1.5 million to 2.6 million. The awareness of the cryptocurrency industry appears to be on the rise as 73% of adults have heard of cryptocurrencies compared with just 42% in 2019. According to the research, 75% of the 1.9 million currently holding cryptocurrencies hold under £1,000 worth, and 83% of crypto owners buy their currencies via foreign crypto exchanges.
SBI buy a minority stake in crypto company B2C2
SBI, a Japanese financial firm has agreed to buy a minority stake in crypto company B2C2. SBI co-runs Ripple’s blockchain-powered payment operations in Asia under the SBI Ripple Asia umbrella. SBI is planning to expand into crypto markets abroad. B2C2 provides liquidity to banks, exchanges, and hedge funds, and SBI would use B2C2’s liquidity pool to support its clients trading cryptocurrencies. SBI is best-known in Japan as a financial services provider and trading platform, but also runs a licensed crypto-exchange, as well as international crypto mining operations.
Ripple Price Resistance and Support
Ripple price is 0.19% higher at $0.1754 as the consolidation phase that started after Saturday’s sharp losses is intact. The technical outlook for Ripple is bearish below the 100-day moving average, and lower levels might be on the cards. The falling trendline that started on June 2 is the primary driver of Ripple.
Looking to lower levels, the initial support for Ripple price stands at $0.1736 the daily low. The next support for XRPUSD will be met at $0.1729 the low from June 28. If Ripple breaks below 0.1729, the price could correct further towards the $0.1711 the low from June 9.
On the other side, the first resistance for XRPUSD will be met at $0.1764 the daily high. If Ripple breaks above $0.1764, the next strong resistance will be met at $0.1794 the high from June 28. A break above 0.1794 might open the way for a move higher. Next resistance for Ripple to watch is at $0.1833 the high from June 27.