Ripple’s recent price bump has held its ground around $2.31, even with a minor overall dip seen across the trading day today. Yet the cryptocurrency is still in a fairly secure spot. Simply put, market sentiment is being driven by the continued speculation around a possible $50 million settlement with the SEC.
According to market analysts, Ripple’s $3 XRP breakout potential is key investor talk. With these changes in dex prices, Ripple has remained strong and hasn’t given up its recent gains. Today’s trading, which is only a modest decline, comes as a surprise. This dip now puts into question the sustainability of the status quo positive trend line.
In the wider Forex market, GBP/USD currency pair continues to hold on to tepid recoveries above the 1.3250 mark. The rupee fails to find enough recovery strength as investors stay wary. The US Dollar has taken a breather from its relentless climb higher. That slowdown has the markets on edge with all eyes placed on US-China trade negotiations set for this weekend. These discussions are long overdue and the outcome will likely affect both currencies and physical commodities sooner than later.
The Bank of England (BoE) is remaining dovish on any future cuts. Meanwhile, this decision is hardly proving confidence-boosting for the Pound Sterling. The central bank’s recent actions point to a highly cautious tightrope walk as a reaction to unpredictable economic times. The BoE’s decision hasn’t given the Pound much support. This is largely because the currency is subject to the whims of the ever-changing market forces.
As Ripple forges its own path in this brave new world, the macroeconomic tides keep rolling in. The SEC’s $50 million settlement is a significant factor influencing Ripple’s price movements and investor sentiment. One thing is for certain, the cryptocurrency community is hopeful that these developments will provide some level of stability and catalyze continued growth.