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Should you be long on the XRP/USD?

At the time of writing, Ripple – the world’s 3rd most important cryptocurrency – is trading at $0.3195. After a sharp decline following the June 26th peak at $0.4938, Ripple (XRP) reached an important support level at about $0.2835 on July 16th (around its lowest level in 2019). Since this low, Ripple has been bouncing back.

XRP/USD – Daily Chart – TradingView

Where will Ripple go next?

The XRP/USD currency pair is evolving upwards within a bullish
trend channel, but below an important resistance level at $0.3307, with a RSI
still under its 50 neutral zone.

While the XRP
price movement against the dollar made a first attempt to breach the
23.6% Fib retracement of the downward move from the $0.4742 high to $0.2849 low
on July 22nd, market participants are expecting the XRP/USD to head again in
the direction of the 23.6% Fib retracement and the $0.3307 resistance level to
move higher towards the 38.2% Fib retracement.

However, if prices fail to
break the 23.6% Fib retracement and the $0.3307 resistance, prices could head
downwards, breaking below the bullish trend line pushing the XRP to sink to

Growing uncertainty over
regulation in the U.S. could impact cryptocurrencies

Recent discussions around the
launch of Facebook’s stable coin Libra have put crypto-currencies in
the spotlight. From the US President’s tweets to David Marcus’s Congressional
hearings, there is currently a strong interest in the crypto-industry.

More than ever,
cryptocurrencies are being scrutinized. How exactly do they work? How can a
non-financial company be prohibited from launching a cryptocurrency that could
compete with the US dollar? What are the risks? How can the crypto-world be
better regulated?

A few days ago, Chris Larsen,
co-founder of Ripple, and Brad Garlinghouse, CEO of Ripple, published an open letter to the US Congress. In this letter, they call on
American regulators to be open-minded in proposing fair regulation, as new
hearings on the regulation of crypto-currencies took place earlier this week
entitled “Examining Regulatory Frameworks for Digital Currencies and

“Without a doubt, blockchain
and digital currencies will engender greater financial inclusion and economic
growth, not unlike the internet’s historic impact. As it did with the internet,
the US has the chance to lead the way, nurturing this economic opportunity
while continuing to protect privacy and stability,” can we read on the letter.

“We urge you to support
regulation that does not disadvantage U.S. companies using these technologies
to innovate responsibly, and classifies digital currencies in a way that
recognizes their fundamental differences—not painting them with a broad brush.”

Using Ripple CFDs instead of
buying Ripple tokens can be a better investment solution

As regulation in the U.S. will
most likely move towards more control and scrutiny over the cryptocurrency
sphere, some crypto exchanges have already decided to forbid American investors
from holding certain cryptocurrencies.

Using CFDs to invest in the crypto-market without holding the coins themselves could be a better option for investors wanting to take advantage of crypto-market volatility and short-term gains, all within a regulated and safe framework.

image by Shutterstock

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