XRP gears up for double-digit gains even as analyst says Ripple is not for retail investors

• Ripple protocol is not built for retail consumers and does not govern price, according to a crypto researcher. 
• XRP trades at $0.59 on Wednesday. 
• XRP could extend gains by 11% and target $0.66, a key level for the altcoin. 

Ripple (XRP) trades at $0.59 at the time of writing on Wednesday, August 21. A crypto researcher is arguing that the native token of XRP Ledger is not built for retail traders and they do not govern retail price. 

Daily digest market movers: Ripple protocol not meant for retail, says researcher

• Researcher behind the X handle @SMQEDQG says, “Ripple protocol is not built to interface with consumers and businesses and does not govern retail price”. 
• The researcher states that the protocol allows financial institutions to pass on some of their cost savings to their end customers. 

• KUWL researcher Rob Cunningham asks XRP traders to ignore the uncertainty and developments in his recent tweet:

• Ripple USD-related announcements and XRP Ledger testnet reset are the two key market movers for the native token of XRPL.
• Traders digest the final outcome of the Securities & Exchange Commission (SEC) lawsuit against Ripple, while it remains to be seen whether the US financial regulator appeals the ruling. 

Technical analysis: XRP could rally 11% to $0.66 target

XRP hovered around the key psychological level of $0.60 on Wednesday. The native token of XRP Ledger is primed for further gains and could rally 12% to $0.66. This is the 50% Fibonacci retracement level of the decline from the July 13 top of $0.9380 to the July 5 low of $0.3823. 

XRP could face resistance at the Fair Value Gap (FVG) between $0.5970 and $0.6217, however, as seen in the XRP/USDT daily chart below. 

The Relative Strength Index (RSI) reads 55.97, which is above the neutral level. 

XRP/USDT daily chart 

XRP could find support at $0.5845, the August 18 high for the altcoin.