- Ripple’s CTO compares XRP with Apple’s iPhone.
- XRP/USD reverses Monday’s gains amid technical correction.
XRP vs. iPhone?
David Schwartz, the CTO of Ripple, once again attempted to dispel speculations about Ripple earning money by selling their XRP tokens. He said that people mostly don’t care who they create value for as long as the product they use creates value for them. To clarify his point, he compared XRP to iPhone. The wrote in a Twitter thread:
The truth is though that nobody really cares that much who else they create value for. They care what features and advantages something can provide for them. I don’t avoid an iPhone because I don’t want Apple stockholders to make money. Why do I much care who makes money?
Thus the senior official of Ripple tried to emphasize that investors buy XRP for other reasons than pure speculations. This position echoes with the view of Ripple’s CEO Brad Garlinghouse, who said that only cryptocurrencies with solid use cases would survive.
XRP/USD: technical picture
Ripple’s XRP hot $0.2255 before the correction began. At the time of writing, XRP/USD is changing hands at $0.2100. The coin is hovering around a pivotal support area, while bears aim at SMA50 (Simple Moving Average) 1-hour at $0.2070. If it is cleared, the sell-off may be extended towards $0.2000 reinforced by SMA100 1-hour. This area should slow down the downside momentum, though a sustainable move below this area will negate the positive bias and return XRP to the previous range.
On the upside, we will need to see a sustainable move of $0.22 for the upside to gain traction with the next aim at $0.2255 (the recent high) and $0.2330. This area capped the recovery attempts at the end of November and at the beginning of December.
XRP/USD 1-hour chart
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