Amongst a sea of red in the crypto world, Ripple (XRP) is currently down 1.99% on the day with XRP/USD trading at $0.29500. Having rejected the $0.3050 resistance mark, Ripple (XRP) looks to be heading on the downside with the next key support level set at the August 9th low of $0.29.
Ripple has been facing strong resistance around the key $0.30 mark. Today has seen all but BCH/USD and LINK/USD of the top 20 cryptocurrencies suffer losses around the 1 – 4% range. However, the granddaddy of all crypto; Bitcoin is seeing a 4.73% decline on the day, with BTC/USD trading at $10,900.40. Investors cashing in on the rising US Dollar after heavy declines saw investors fall out of love with the crypto world today.
Today’s Ripple (XRP) decline was more due to the general downtrend in crypto more than anything else. Recently, Ripple(XRP) news has been more positive after talk of Ripple working on “multiple” potential investments and acquisitions following the $30m investment in the money transfer business Moneygram (MGI).
What’s Next For Ripple (XRP)?
Brad Garlinghouse, the CEO of Ripple said of the investment in an interview with Yahoo Finance:
“We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,”
Ripple CEO Brad Garlinghouse
When quizzed on what is next for Ripple (XRP) and what Ripple is looking at, Brad Garlinghouse, who reportedly owns a 6.3% stake in the company and whose net worth is estimated to be around $10 billion said:
“Deals are always very, very hard to predict. Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.
We’re probably the largest investor in blockchain and crypto on the planet. We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months.”
Ripple itself owns around 55% of the total supply, valued at approximately $13.7 billion. Having already raised $94m from investors including Google, Standard Chartered and Spanish banking giant Santander, the 10% stake it recently acquired in Moneygram was a seen as a strong statement of intent within the crypto and fintech worlds.
Should the general malaise in crypto and the downward trend continue, Ripple (XRP) has the capacity to break through the $0.29 support level. Further downward moves beyond $0.28 and we won’t be surprised to see $0.25 emerge as a key support area.
However, with a growing war chest, fintech link-ups and a CEO prepared to open the chequebook, long term the future looks far brighter for Ripple (XRP) than many other cryptocurrencies.
