Ripple’s XRP Supported at $0.72 After Adding Morgan Stanley Veteran to Board

Hi it’s Invest Diva’s Kiana with News BTC and here is your crypotocurrency update. After reaching the new high at $0.90 Ripple’s XRP has been grounded by the 23% Fibonacci level in the $0.72 zone. It is still supported by the 38% Fibonacci as of Wednesday night, as it has not been able to reach 0.62 level despite the apparent bearish sentiment. This is despite the fact that Ripple added a former Morgan Stanley veteran, Zoe Cruz, to its board of directors on Tuesday. This strengthens Ripple’s ties to the world of banking and mainstream finance. Now you might be asking, what’s the deal with Ripple anyway? Ripple, Inc. is the company that builds and maintains the Ripple network. It has built a blockchain-based system that banks use to issue IOUs and settle debts. XRP is Ripple’s asset and native token. XRP basically has two uses. One is to pay fees on the Ripple network. The other is being used as a “bridge currency” for value transfers between any two institutions that don’t have a trusted relationship. However, what cryptocurrency enthusiasts need to keep in mind, is that XRP is not necessary for the Ripple network to function. Also, with CBOE and CME launching their Bitcoin futures trading, the probability of XRP becoming the global reserve has become a lot more difficult. On a bright side, Ripple continues to save its spot as the 4th largest cryptocurrency by market cap. That’s it for now. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.

Ripple’s XRP Supported at $0.72 After Adding Morgan Stanley Veteran to Board

Related Post:

About The Author

Kane Dane