Home Price Analysis Ripple Soars 63%, XRP/USD Blast Past $1 As Buyers Now Aim $1.9

Ripple Soars 63%, XRP/USD Blast Past $1 As Buyers Now Aim $1.9

The chickens are coming out to roost for many Ripple supporters, many of whom were called crazy for maintaining their position.

As of writing, Ripple is up double digits, adding seven percent on the last trading day and a massive 63 percent week-to-date.

Undoubtedly, at this pace, the buying trend is on, and the bullish tide is on. Part of this stems from the ongoing Ripple-SEC case and the positive fundamental developments in South East Asia.

XRP Supporters Confident SEC will settle with Ripple

Project believers are positive that even without the SEC case, the XRP coin is on a bullish trend—by default.

These supporters contest that the best outcome from the SEC case—of which Ripple lawyers will come of top, is a multi-million settlement.

It is only the U.S., they explain, who view the fifth most valuable project as a security.

Other equally developed economies like Japan have rock-solid laws governing cryptocurrencies. They are supportive of blockchain companies introducing new solutions to pressing challenges presented by legacy firms.

Ripple’s Growing Ecosystem

Through RippleNet, the blockchain company continues to strike partnership deals with a growing number of companies.

Specifically, those who adopt the ODL are presented with a solution that’s fast, effective, and cost-saving, eliminating the needless red tape.

A recent update summarizing all the partnerships Ripple has notes their deal with Thailand’s Siam Commercial Bank.

Using their solution, the bank is now innovatively driving effective cross-border remittance.

Ripple Price Analysis

As mentioned earlier, the path of least resistance is northwards.

The XRP coin is up 63 percent versus the USD, outperforming other coins in the same period. Of note, there is a surge in trading volumes indicating participation and confidence.

From price action in the daily chart, the XRP/USD price is trading in a bullish breakout pattern above $1—a psychological round number. Notably, the upswing is with high momentum.

Aforementioned, trading volumes are rising. At the same time, XRP bull bars are banding along the upper BB, suggesting high volatility.

Therefore, in this arrangement, every low may present a new loading opportunity for Ripple traders targeting $1.90—H1 2021 highs—in a buy trend continuation pattern.


Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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