Ripple price has been surprisingly resilient, holding strong and consolidating its gains above $2.31 even with a mellow downtrend clearly in play today. The Cryptomarkt analysts remain very bullish about the potential Ripple breakout, with predictions the altcoin could exceed $3 very soon. This includes a recent announcement that they had reached a $50 million dollar settlement with the U.S. Securities and Exchange Commission (SEC). This announcement has increased investors’ optimism about the cryptocurrency.
The state of Ripple’s current trading environment is an amalgamation of calm before the storm with heavy volatility. Despite it making quite the same 0.06% dip in value under the radar, traders keep their positive temperament as they predict a big bullish boom. With some regulatory clouds lifted with the recent SEC settlement, Ripple is free to focus on its expansion and growth pattern.
At the same time, the GBP/USD currency cross continues to hold small positive gains over the 1.3250 mark. The duo will have an uphill battle on their hands to maintain recovery momentum. This reversal in the U.S. Dollar has put a stop to its surprisingly bullish run, which has played into today’s foreign exchange market dynamic. Traders are closely monitoring developments, particularly with ongoing US-China trade talks scheduled for this weekend, which may influence market sentiment.
The BoE has been keen to guard against undue market expectations of future interest rate cuts. It’s hard to say that this approach has engendered a great deal of confidence in the Pound Sterling. Yet, market participants are closely judging the BoE’s actions relative to the course of overall global economic conditions.
The combination of these factors has made for a highly-technical trading environment for both Ripple and GBP/USD. Investors remain vigilant, navigating through uncertainties while looking for opportunities for growth and stabilization.