Ripple price recovery momentum

Ripple was among the biggest losers during the latest crypto crash, and the current price recovery fades in comparison with some other coins. XRP/USD climbed about 27% from Tuesday’s low, while NEO managed 76%!





The Ripple price moves in unison with other digital coins that have been under pressure lately due to heightened interest from the regulators. Now that the regulatory storm seems to have come down, the coins are growing again, and Ripple is no exception here.





XRP/USD stays $0.7654, well above 21-SMA on the hourly chart, which is a bullish sign for the short-term price movements. The nearest resistance comes at $0,8000. If it is cleared, the coin will continue the recovery towards $0,9500. The support is seen at $0.7300 and $0,7000.









American regulators are wary of the risks related to cryptocurrencies, but unlike their Chinese counterparts, they are eager to embrace the new and promising technology, provided that it's well regulated and being developed under the supervision of the responsible authorities.





“To be clear, I am very optimistic that developments in financial technology will help facilitate capital formation, providing promising investment opportunities for institutional and Main Street investors alike. From a financial regulatory perspective, these developments may enable us to better monitor transactions, holdings and obligations (including credit exposures) and other activities and characteristics of our markets, thereby facilitating our regulatory mission, including, importantly, investor protection.” Jay Clayton, the chairman of the SEC, said to the Senate.





At the same time Chinese Academy of Social Sciences (CASS), a top government think tank, also believes that the digital currencies can be used in cross-border payments, especially between the developing countries. This announcement contrasts with harsh steps taken by Chinese authorities to clamp down on the cryptocurrency market, including closing exchanges and banning ICOs.



