Ripple is yo-yoing when writing. XRP prices, reflective of the market, are consolidating though there are elements of strength.
If this spills over and buyers take charge, it would be a relief for the broader market, even forming the base for the next leg up.
Still, this won’t be without acknowledging that XRP prices are driven by several fundamental factors besides how BTC performs.
Technically, XRPUSD price action is supportive of buyers, stemming from the resilience of buyers and their ability to shake off threatening bear pressure of the past few days.
JPM Analysts Expect XRP’s Adoption to Expand after the Case Settles
From the daily chart, XRPUSD prices are inside a rising wedge, an extended bull flag—which is positive for Ripple traders.
Yet, on the other hand, the upswing of prices would mainly be driven by fundamental events. Visibly, on the table, the outcome of the bitterly contested court case pitting the SEC and the blockchain company would be a significant market driver.
On the one hand, the SEC claims XRP—the coin—has no utility. While on the other hand, JPM bank analysts think the XRP price would explode after the case is settled.
This is every analyst’s expectation considering the position of Ripple and how XRP has massive use in remittance.
In their recent report, the bank said the coin is poised for massive adoption, negating the position of the regulator who terms the coin useless and an investment contract.
Ripple Price Analysis
The XRP price is trending inside a bull flag.
It is despite the overall bearish outlook in the market primarily due to Bitcoin prices which have been cooling off in the past few days.
Reading from XRPUSD price action, the September 7 bear bar still influences price action.
Over 80 percent of the past two month’s movement is within the bar—negative for XRP bulls.
Still, a close above $1.20 in the short term may pump XRP towards November 2021 highs of around $1.30.
On the reverse side, there could be more room for failure if sellers confirm last week’s losses, sliding below $1. In that case, XRP may drop to $0.85—or worse.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.