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  • Ripple’s CEO urges the regulators to lean on digital currencies.
  • XRP/USD attempts the recovery from the pivotal $0.1900.

Ripple supports regulation

Ripple CEO Brad Garlinghouse urged the United States regulators to speed up the development of digital currencies. The expert warned that the country may lose its status of the global leader of innovations and fall behind China in terms of cryptocurrency developments.

U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger, he wrote on Twitter recently.

Notably, China promises to launch its digital currency by the 2022 Winter Olympics, according to the recent report published by PBOC. FXStreet has already reported that the Chinese central bank launches the pilot project for its digital currency four cities including Shenzhen, Suzhou, Chengdu, and the Xiongan. 

Meanwhile, the USA has neither regulatory guidelines regarding cryptocurrency nor clear plans for the creation of the digital dollar.  

Garlinghouse supports the idea of the crypto space regulation. Moreover, he emphasized that Ripple was eager to build closer ties with lawmakers and work in tandem with regulators.

XRP/USD: Technical picture

Ripple’s XRP sell-off stopped short of $0.1900. The digital asset used this psychological barrier as a jumping-off ground and moves towards $0.1950 by press time. Despite the recovery, the coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. Ripple’s market value reached $8.6 billion, which makes it the fourth largest digital asset.

On the intraday charts, XRP’s recovery is limited by $0.2000. This psychological is reinforced by 1-hour SMA100 and the upper line of the 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2030 (Fibo retracement for the downside move from February 2020 high). This area limited the upside momentum since the middle of May.

On the downside, the setbacks are likely to be limited by $0.1900. the next strong support is created by $0.1850. the lower line of the daily Bollinger Band and the lowest level of the week make it a hard nut to crack for the bears.

XRP/USD daily chart