Ripple (XRP) is currently trading around $0.59 today. Meanwhile, a crypto researcher argues that XRP Ledger’s native token was not built for retail traders and the project does not dictate retail prices.
Daily Market Update: Ripple Protocol Is Not for Retail
“The Ripple protocol is not built to interface with consumers and businesses, and does not govern retail pricing,” said the researcher, who goes by the pseudonym SMQEDQG on X.
According to SMQEDQG, Ripple's business model is focused on the XRP Ledger, so financial institutions must integrate their systems with XRPL to use Ripple's services.
As banks move out of test mode, they will start actually trading real value on XRPL, driving demand for XRP, thereby increasing the value of the token.
Yes, Ripple and XRP are MEANT FOR FINANCIAL INSTITUTIONS.🎯
Not retail.
“Ripple caters to FINANCIAL INSTITUTIONS”🎯
Not retail.
“Ripple’s business model centers around the XRP Ledger—> financial institutions MUST INTEGRATE THEIR SYSTEMS WITH THE XRPL TO UTILIZE RIPPLE… pic.twitter.com/yvdLoJZrmm
— SMQKE (@SMQKEDQG) August 16, 2024
Today, the market saw announcements related to Ripple USD and the relaunch of the XRP Ledger testnet.
Traders summarize the final outcome in the Securities and Exchange Commission (SEC) lawsuit against Ripple, while it remains unknown whether the U.S. financial regulator will appeal the ruling.
Technical Analysis: XRP Could Rally 11% Towards $0.66 Target
XRP hovered around the key psychological level of $0.6 on Wednesday. XRP Ledger’s native token is preparing for further upside and could bounce around 11% towards $0.66. This is the 50% Fibonacci retracement level of the decline from the July 13 high of $0.938 to the July 5 low of around $0.3823.
However, XRP may face resistance at the Fair Value Gap (FVG) between $0.597 and $0.6217, as seen in the daily chart of XRP/USDT.
The relative strength index (RSI) is around 55.97, above neutral.
XRP/USDT 1-day chart | Source: TradingView
XRP may find support at $0.5845, the high on August 18.
https://tapchibitcoin.io/ripple-chuan-bi-cho-da-tang-truong-hai-chu-so.html
