in

Ripple adds 13% in a bullish breakout, XRP Buyers Targeting $1.9

Ripple adds 13% in a bullish breakout, XRP Buyers Targeting $1.9


Not surprising, Ripple is encouragingly resilient, free-floating above $1, much to the relief of the broader crypto and XRP community.

At the time of writing, XRP is down three percent on the last trading day, adding an impressive 13 percent week-to-date despite the back and forth with the SEC.

Ripple on Remittance

Admittedly, the SEC suit has been damaging to the Ripple project.

At the core, the protocol seeks to make payments more accessible and cheaper.

Their focus is on remittance and how partnering banks can leverage their product offerings, especially the On-Demand Liquidity (ODL).

Indeed, ODL is gaining traction as Ripple expected because of current legal challenges. The SEC thinks XRP is an investment contract and Ripple Labs illegally raised $1.2 billion by selling securities.

The Effects of the SEC Pronouncement on XRP

On pronouncement, XRP prices tanked before rebounding to even higher valuation while MoneyGram bolted, disassociating itself with the blockchain company.

Even though Ripple offered support, shoring the company from bankruptcy, MoneyGram denied this financial support.

The split also harmed MoneyGram investors since its stock fell due to understanding the dire financial situation at the payment processor. This is why the Ripple community thinks the failure of the SEC to answer congress by stating their position on Ethereum and Bitcoin is unfair.

The delay is stifling innovation and giving competing platforms like Stellar the advantage to carve out market share while XRP suffers, struggling to strike partnerships and build up liquidity.

While XRP may find more support going forward from exchanges, the delisting affected the project’s liquidity.

Ripple Technical Analysis

The XRP price is firm to the upside, rejecting lower lows. At sixth, XRP is up 13 percent versus the greenback, grinding higher with decent trading volumes.

From price action in the daily chart, the XRP coin is relatively steady versus the USD in a bullish breakout pattern above the middle BB and the $1 round number.

XRP prices may likely continue expanding in the days ahead. Notably, prices found support from the 61.8 percent Fibonacci retracement level.

While aggressive traders may load the dips, targeting $1.40, risk-averse participants may wait for a close above $1.40 before ramping the dips. In that case, the overall target is the 2021 highs of $1.9.

Losses below October 9 lows and the middle BB at $1 invalidates the uptrend, allowing bears of September 2021 back into the equation.

Technical charts courtesy of Trading View

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





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Where to buy Shiba Inu as SHIB continues to rally

Where to buy Shiba Inu as SHIB continues to rally

Multi-Chain Launchpad AEGIS with Insurance System to Launch in Mid-October

Multi-Chain Launchpad AEGIS with Insurance System to Launch in Mid-October