Ripple Price Could have Pulled Back But Promising Near Term!
It seems like Ripple price is on the red zone right now pulling back after the significant gaining weekend. However XRP/USD might be doing better than what it looks like.
Ripple Forming new Trading Height
Ripple price since the beginning of November has been on an increasing wave upwards with a couple of dramatic changes swooping away a day or two. The surging trend is going in ever since XRP did actually manage to overcome the important $0.2000 mark on Nov 13.
A closing in increasing triangle pattern is being formed with supports at the psychological $0.2500 and resistance trendline around $0.2650. It is very likely that the price will be correcting for a [little] while because of the whole market outcome for the moment being in the pullback phase. However, as long as support is found above $0.2400, it was a very wise choice to choose Ripple for having it in a traders and investors portfolio.
XRP token price against the US Dollar has been able to create new-higher trading ground above $0.2400 [previously being below $0.2000].
$100 Mil XRP Hedge Fund
TechCrunch founder Michael Arrington has announced the creation of a $100 million hedge fund that will be denominated in XRP, the native token of Ripple.
Arrington made the announcement at the Consensus: Invest conference in New York, revealing that the fund will be called Arrington XRP Capital. Significantly, investors will buy shares of the fund and receive distributions in XRP.
“A year ago I was just a crypto enthusiast,” Arrington wrote in a blog post that accompanied the announcement. “Now I’ve altered my career path to focus entirely on cryptocurrencies and related technologies. And this isn’t just a short term focus. With this new fund I’m signaling my intent to spend the rest of my career on cryptocurrencies. There will be dramatic ups and downs along the way, but we’re in this for the long haul.”
According to Fortune, the fund — which has raised approximately half of its $100 million target — will invest primarily in cryptocurrencies and initial coin offerings (ICOs), although it may obtain small equity stakes in blockchain startups.