Ripple’s price held the gains near $2.31 on Friday, even as it succumbed to a bit of selling pressure over the course of the day. The crypto has been rising, almost entirely fueled by a recent announcement of a $50mm settlement with the SEC. This improvement has sparked rumors that it might explode and hit the magic $3 threshold. As Ripple continues to work its way through an unpredictable market atmosphere, investors are paying close attention to these ongoing developments.
The $50 million settlement has gotten many Ripple advocates very excited. They are confident that, one of these days, their cryptocurrency will start climbing towards the heavens. Today’s price is $2.30, just a penny short of $2.31. The analysts shared that if the positive sentiment around Ripple’s legal standing continues to grow, a breakout above $3 could occur in the near future.
At the same time, the financial landscape more generally continues to come into focus, with important developments on UK and US trade talks. Such risks notwithstanding, the recent UK-US trade deal has at least brought home lower tariffs. Most importantly, it prevents next round of discussions between the UK and EU from being prejudiced. This agreement signals to investors that the US administration is willing to exercise flexibility regarding tariffs, fostering a positive environment for trade relations.
And the mighty US Dollar’s ascent has ground to a halt. In the meantime, all eyes are on the next round of US – China trade negotiations scheduled for this weekend. Analysts are predicting that these ongoing discussions will have a massive effect on currency markets, especially with regards to the Dollar’s performance.
The Bank of England (BoE) has also adopted a more dovish stance when it comes to the prospect of future rate cuts. This position has not greatly affected the trajectory of the Pound Sterling. GBP/USD barely traded above 1.3250 on Friday, perhaps an indication that there has been settling in with these vicissitudes of trade talks and economic realities.
Even with these changes, many experts are warning that we shouldn’t assume to see results from the UK-US trade deal right away.
“Why the UK-US trade deal won’t herald a wider tariff climbdown.” – www.fxstreet.com
With Ripple’s legal winnings and international trade agreements both leading to competing bullish and bearish sentiment in the market, investors are taking time to digest it all. The interaction between crypto volatility and currency valuation is yet another factor that continues to make the market a difficult play for traders and analysts.