- ECB is discussing ’legal restraints’ for Bitcoin and other digital currencies, Nowotny says
- Ripple (XRPUSD on xStation5) could be poised to make a leg higher
- Russian central bank pushes for national cryptocurrency
All major cryptocurrencies have begun the last trading day this week on the right foot with several interesting technical setups on the horizon, Ripple and Dash (DSHUSD) are among them. However, before we move to a technical analysis let’s mention the speech delivered by the ECB’s member Ewald Nowotny which could be Bitcoin negative, at least on the surface.
Nowotny offered his opinions with regard to the cryptocurrency market, they didn’t sound favorably for Bitcoin. He said that the ECB is currently looking into regulating decentralized currencies but did not detail what kind of mandates the institution would enforce. According to some ECB’s officials Bitcoin is too volatile and lacks in regulatory supervision. Nowotny said simply that Bitcoin does not own the main feature that makes a good currency – stability. Although, it would be adverse for the Bitcoin price on the face of it, let us recall that the ECB might be short of legal power to implement restraints on virtual currencies unless it’s able to by-pass some limits it has to abide by. Bitcoin and other digital coins have snubbed the news thus far, the story may be worth keeping a close eye though.
Ripple (XRPUSD) could offer an interesting buying opportunity given where it’s moving right now. The price has been able to defend an upper limit of an ascending channel which could morph into a swing higher towards $0.295. Source: xStation5
Dash (DSHUSD) is also looking quite encouragingly as it’s managed to stay above a crucial support area. As for now one could expect the price may be moving higher towards an upper limit of a triangle formation where a cluster of sellers could lurk. Source: xStation5
At the end let’s write a few words about the Russian story. Namely, the Russian central bank is reportedly considering implementation of its own cryptocurrency as it sees multiple benefits it could bring to the economy, non-cash and cross-border payments are among them. At the same time the bank remains skeptical as far as other cryptocurrencies are concerned.