The cryptocurrency markets were abuzz this weekend as the Washington DC Managing Director of the International Monetary Fund (IMF) was said to have called for a new Bretton Woods moment. The article by Kristalina Georgieva, presented at a speech at the IMF Annual Plenary Meetings, has heightened expectations that a discussion on cryptocurrencies being part of a new international monetary system is on the cards. Investors believe that another debate on the international monetary system, nearly 76 years after the original Bretton Woods conference in 1944, would finally give cryptocurrencies such as Ripple the much needed institutional adoption that it requires to boost its value.
The 1944 Bretton Woods conference established the gold standard and also made the US Dollar the international reserve currency. The IMF Washington MD’s speech boosted investors’ interest in XRPUSD, and Ripple price is currently trading 2.47% higher on the day. ‘
Following last week’s breakdown of the wedge pattern and subsequent bounce on the minor support at 0.23730, the price is now challenging the resistance at 0.24722. A break of this area allows Ripple price action to target the 0.26059 level, which is the site of recent highs as of 10-13 October. Above this level, previous lows of 11 August and 13 August are expected to act in a role reversal to form the next resistance target at 0.23247, with 0.28185 also lining up as a potential upside target.
On the flip side, a failed break of 0.24722 may allow for a pullback towards 0.23730. A breakdown of this area brings 0.23137 and 0.22329 into the picture as potential downside targets.
