Ripple price continues the sideways trading for the third consecutive day as the volatility slows down. The 50-day moving average provides strong support all the week and the crypto pair manages to rebound after touching that level. Investors should be patient and start a new position after a credible break out of the 100 or the 200-day moving average that provides support and resistance.
The Office of the Comptroller of the Currency (OCC) in the USA published a notice of proposed rulemaking, saying that it is reviewing its regulations around digital bank activities to ensure that these regulations continue to follow the developments in the digital industry. The notice was signed by Acting Comptroller of the Currency Brian Brooks, the former chief legal officer of Coinbase, who took office at OCC this month.
The OCC regulator is seeking public input to frame the regulations around digital currency activities in the USA. Other areas of inquiry by the OCC focus on AI, next-generation payment systems, and the impact of the coronavirus crisis.
Ripple capitalization stands now at $9.07 billion while the trading volume in the last 24 hours has reached 1.36 billion below the daily average volumes.
Bitcoin (BTCUSD) is 0.28% higher at 9,819 positioning for another attempt at the 10,000 mark. Ethereum is 0.92% higher at 245.57, while the Litecoin (LTCUSD) is 0.42% higher at 47.64.
Download our Q2 Market Global Market Outlook
Ripple price is 0.41% higher at $0.2050 in the neutral mode as XRPUSD hovers around the 50-day moving average. Investors are on the sidelines and wait for a clear breakout before initiating any trading positions.
On the downside, the first support for Ripple price stands at $0.2024 the daily low. The next support for Ripple will be met at $0.1999 the low from yesterday’s trading session. If Ripple breaks below $0.1999 support level, the price could correct further towards the $0.1950 the 100-day moving average.
On the other hand, minor resistance for Ripple price will be met at $0.2058 the daily top; If Ripple remains well bid above $0.2058, the next hurdle will be met at $0.2073 the high from June 4th. A break above 0.2073 might open the way for a move higher. Next resistance area to watch is at $0.2139 the 200-day moving average.