Ripple price analysis: XRP/USD dips below key technical level, while  Ripple’s CEO says Bitcoin is controlled by China

  • XRP goes below $0.5600, technical picture looks gloomy.
  • Ripple’s CEO says Bitcoin cannot become world’s primary currency.

Ripple, the third largest coin by market value, is changing hands at $0.5559, down about 6% since this time yesterday.  The coin touched $0.5447 low on Tuesday, which is the lowest level since May 29. Ripple’s market value has settled at $21.9, while the trading volumes reduced to $290M from $300M registered the day before.

Meanwhile, Ripple’s CEO Brad Galinghouse criticized  recent claims that Bitcoin has a potential to become world’s primary currency

“A number of prominent people, even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.”

Speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, he confronted accusations of centralized nature of Ripple, caliming that Bitcoin is effectively controlled by China.

“I’ll tell you another story that is underreported, but worth paying attention to.  Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene?  How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Ripple technical picture

From the technical point of view, XRP/USD broke below vital support at $0.5600, which is 78.6% Fibo retracement level. If the coin fails to get back in the nearest future, the selling pressure may take the price all the way down to $0.4500 (April’s low)

XRP/USD, the daily chart

 


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