Ripple (XRP) is hovering around forty cents ($0.40) at the time of writing; however, some changes in the global financing network are sure to cause an uproar for the crypto.
Mario Draghi, the President of European Central Bank (ECB) will be replaced by the managing director of the International Monetary Fund (IMF) Christine Lagarde.
Although Draghi proved his mettle by healing the ailing European economy, Christine Lagarde will be like rain in the summer. Lagarde is an open supporter of cryptocurrencies, especially Ripple and has been seen advising banks in utilizing ripple on multiple occasions.
Christine Lagarde encourages proper regulations by establishing suitable laws, but her support for XRP will definitely be bullish for Ripple.
Moreover, Ripple enjoys positive relations with people in higher management across the globe and has supporters in the white house as well. This was confirmed by Cory Johnson, who stated that Ripple’s management is in constant communication with officials from the Trump administration.
XRP’s price action shows a candlestick pattern with a bullish breakout trend, and the price may go above 50 cents as the buyers are in control. If that key resistance is crossed, the token’s price may rise all the way to 80 cents.
On the other hand, if the price drops below 34 cents, it may break the primary support at 30 cents.
All depends on what happens now if the price rises, it will be able to establish support higher ups and start a bullish trend.
Similarly, if the price purges the cryptos existence may be in danger and many day traders will be put off. This will also cause the crypto’s reputation to take a nosedive.