- XRP price locked in a range as technicals align to create a significant obstacle.
- 50-day simple moving average (SMA) quickly converging with the 200-day SMA, setting up a new Death Cross pattern.
- Ripple CTO rebukes the decision by Barclays to block customers from transferring funds to Binance.
XRP price has not plotted a constructive outlook for the international settlements token, leaving very few alternatives and plenty of uncertainty about the future outlook. For now, investors need to focus on the dominant support and resistance levels for clues about Ripple intentions heading into the summer months.
Barclays bans payments to Binance, prompting Ripple CTO to defend crypto ecosystem
Barclays, the UK financial institution, suspended all debit and credit card payments from the UK to Binance, the leading cryptocurrency exchange. In the announcement, Barclays referenced the recent decision by the Financial Conduct Authority (FCA) to ban Binance from operating in the UK. As part of the FCA decision, crypto derivatives products were banned, a large source of business for Binance.
The Barclays decision compelled Ripple’s CTO David Schwartz to respond on Twitter to a message from the Barclays UK Help account, emphasizing the importance of freedom of choice in light of the negative repercussions of the FCA announcement.
We live in a world where banks "protect" people's money from being sent to the place they specifically asked to send it, where banks keep your money "safe" from going where you want it to go. 1/2 https://t.co/c3FzB1HN89
— Ｄａｖｉｄ Ｓｃｈｗａｒｔｚ (@JoelKatz) July 6, 2021