The very last spike of Ripple price is an amazing reflection of consolidation, holding your ground usually at $2.31. By last Friday, there was considerable buzz among market analysts expecting a breakout above $3. This newfound stability comes on the heels of Ripple’s recent $50 million settlement with the U.S. Securities and Exchange Commission (SEC). This development has led to a resurgence of interest and optimism within the cryptocurrency market.
In April, Ripple’s legal agreement with the SEC marked a pivotal moment for the company, allowing it to regain some ground lost during regulatory disputes. The settlement is sure to further Ripple’s plans of establishing its growing foothold in the market. Speculation is running hot as forecasts predict a breakout above $3 will occur in the very near future.
While investors watch these developments closely, the broader economic landscape continues to change as well. The recent UK-US trade deal has secured lower tariffs for Britain, signaling a potential easing of trade tensions between the two countries. Importantly, this agreement signals that the US administration is likely to adopt a more flexible approach to tariffs. This change can have broader implications on investor sentiment.
Not all analysts share optimism about what the trade deal will mean going forward. Many are cautious that this does not presage a broader tariff climbdown.
“Why the UK-US trade deal won’t herald a wider tariff climbdown” – www.fxstreet.com
In the foreign exchange market, the GBP currency pair seems to be attempting to at least hang onto (or just below) modest positives. It is last barely above the 1.3250 figure vs. USD. The dollar has hung up its new-found short-term bullish boots. In the immediate term, traders are keeping eyes on trade talks between the U.S. and China this weekend, with the potential to greatly impact currency valuations.
At the same time, the Bank of England (BoE) has continued to signal caution on the need for future rate cuts. The central bank’s approach speaks to persistent uncertainties at home and abroad in the economic environment, leading to a cautious approach to any shifts in monetary policy.
Regardless of these wider macroeconomic conditions, the appeal of Ripple’s upcoming breakout and the rising wave of enthusiasm for cryptocurrencies more generally have continued to capture national attention. Analysts are confident that Ripple has a good chance to extend its bullish momentum. If it plays its cards right taking advantage of the SEC settlement, there’s more upside potential in the months ahead.