The Ripple price is up 18 percent in the last trading week.
Overly, XRP buyers stand a chance, are confident, and look likely to inch even higher.
XRP Liquidity Boost
Primers for these gains would stem from the ongoing court case and the positive news out of Japan. For instance, Rakuten, which aims to be the next Amazon, is resuming XRP margin trading, citing stable conditions and better price discovery.
The exchange supports XRP after months, signaling a possible shift in conditions, going a long way in building confidence for the asset, and deepening liquidity.
The news also is amid plans of the exchange, through its Rakuten wallet, to support cryptocurrencies in facilitating payments across Japan. Technically, market participants do watch for liquidity as one of the determining factors on whether to trade.
The more there are avenues, the deeper the coin’s liquidity, and most likely, the higher the upward pressure of the coin.
In the months to come, other exchanges, especially Coinbase and Binance U.S., notable ramps that had halted the coin’s trading because of legal reasons, may soon resume trading for XRP—a vote of confidence.
Ripple CEO is Confident
Meanwhile, Bradley Garlinghouse, the CEO of Ripple, is dismissive of the SEC’s handling of the XRP case.
This. ⬇️
This has been clear from the start — the SEC’s lawsuit isn’t just about Ripple, it’s about what “…impossible standards of fair notice and due process” through regulation by enforcement can do to crypto innovation. “Anyone could be next without warning.” 1/2 https://t.co/x3ltwMz8Y6
— Brad Garlinghouse (@bgarlinghouse) August 31, 2021
While emphasizing that anyone could be next, the executive said he was somewhat disappointed in how the agency had imposed “impossible standards of fair notice and due process.”
Ripple Price Analysis
The Ripple price is relatively firm at the time of writing, adding six percent on the last trading day. Although consolidating versus the USD last week, the coin is up double digits on the previous trading day.
Even so, Ripple traders are closely watching how prices will react at the $1.35 zone and August 2021 highs. A high volume, a wide-ranging close above this level, could trigger the next wave of demand lifting the XRP coin to H1 2021 highs of around $1.9.
Accordingly, XRP bulls must sustain prices at spot levels and reject attempts for lower lows below $1. Out of this, therefore, every low may provide an opportunity for aggressive XRP traders to ramp up on dips above $1.
On the reverse side, risk-on XRP traders can wait for a conclusive close above $1.40 before committing with immediate targets at $1.9.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
