In the eyes of the XRP Army, price action is like clockwork. The Ripple price train will, regardless of obstacles, melt through the barriers.
At the time of writing, the coin is a notch higher, gaining against the greenback in the last trading week.
Up to sixth, XRP price is up a massive 10 percent and above the $0.70 mark.
XRP Hopes from the Ongoing Court Case
Technically, buyers appear in control, unwinding losses of July and starting off the new month strongly. Historically, crypto prices tend to register superior gains in Q3, only to seal them with even more incredible gains in the last quarter.
Accordingly, with hindsight, therefore, Ripple traders remain hopeful. Anchoring their hopes is the ongoing court case where Ripple lawyers appear to be winning, reading from Judge Sarah Netburn’s comments.
If indeed, as Ripple supporters claim, XRP will soon be relisted by, say, Coinbase, it could be a hint that the exchange is confident of Ripple coming out stronger versus the SEC, sparking a rally above resistance levels in a buy trend continuation pattern.
Ripple Q2 2021 Report
Meanwhile, as per Ripple Q2 2021 report released on July 29, Ripple supports specific clients by selling XRP.
They say this demonstrates how their solutions come in handy in introducing efficiency, eliminating the need for pre-funded accounts.
The On-Demand Liquidity (ODL) solution uses XRP for instantaneous, cheap, and borderless fund transfer.
Ripple has also launched the first implementation of the ODL in partnership with SBI Remit in Japan. In this deal, Coins.ph and SBI VC will be connected via the XRPL introducing better efficiency, according to Asheesh Birla, General Manager at Ripple.
Ripple Price Analysis
To grasp just how firm buyers are, a trader must shift to the weekly chart where there is a three-bar bullish reversal pattern.
XRP/USD prices are printing higher on the daily chart, cementing its position above the multi-week Middle BB—previous resistance now support—in a bullish breakout pattern.
Of note, buyers on Aug 1 appeared to have added to their longs, breaking away comprehensively away from $0.70—June 2021.
As per the candlestick arrangement in the daily chart, every low could potentially be a loading opportunity with targets at $1.
On the flip side, losses below $0.70 could slow down buyers.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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