- Ripple’s CEO makes optimistic forecasts about industry development.
- XRP/USD recovery is limited by psychological resistance.
Brad Garlinghouse, the head of finch startup Ripple, has come up with an optimistic forecast for the cryptocurrency industry. He believes that in 2020 half of the world’s top banks will be actively engaged in the digital assets industry.
In the recent blog post, devoted to New Year predictions, Brad Garlinghouse shared his thoughts on how the new technology would transform the industries. He also added that fiat currencies would go digital in the next year.
Notably, at this stage, none of the top-20 banks are engaged in the cryptocurrency business, at least according to the publicity available data.
Ripple’s XRP is hovering under $0.20
At the time of writing, XRP/USD is changing hands at $0.1970, mostly unchanged since the beginning of Monday and gained 1.5% in recent 24 hours. The third-largest digital coin by the market value recovered from the recent low of $0.1725 hit on December 18; however, the further recovery seems to be limited by the psychological barrier $0.20.
XRP/USD: technical picture
On the intraday charts, the RSI (Relative Strength Index) has reversed from overbought territory, which means that the retreat from the resistance area may continue towards the local support of $0.1900. This area is reinforced by a combination of SMA100 (Simple Moving Average) and the lower line of the Bollinger Band on a 1-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on December 20 low of $0.1840 and December 18 low of $0.1725.
On the upside, we will need to see a sustainable move above $0.20 for the recovery to gain traction. The next resistance comes as high at $0.2100 with SMA100 4-hour located on approach. It is followed by $0.2150 (the lower boundary of the recent consolidation channel) and $0.2180 (SMA200 4-hour). Meanwhile, from the longer-term perspective, only a move above $0.2365 (SMA50 daily) would signal the reversal from the bearish trend.
XRP/USD, 1-hour chart
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