The $3 price target for Ripple was recently hit, but in the process of doing so, XRP’s hype train derailed, and the excitement surrounding the digital currency has all but evaporated. It’s a good time to be bearish on Ripple, but why wait to get short?
Ripple’s XRP token has been on a recent tear, which has attracted the attention of investors on both ends of the spectrum. On the one side, those who have long been skeptical of the digital currency have taken the opportunity to short it. Meanwhile, a new generation of crypto enthusiasts are piling on board the XRP bandwagon, with some even touting it as a possible alternative payment system for Wall Street.
This week, XRP bulls are batting for $3, as an OPEC report indicates that demand for crude oil is rising and the overall world economy is in a sweet spot, as the United States economy seems to be on the upswing. While the positive outlook was met with skepticism by some, this is a new age of digital currency. We all know that crypto is all about the blockchain and XRP is the “bridge” currency between fiat and digital.
Price movement in the Ripple corner is developing slowly but nicely.
When the US Securities and Exchange Commission (SEC) startled the crypto industry towards the end of 2020, it might have thrown everything into disarray. They alleged that Ripple Labs, the company behind XRP, and several of its employees, including CEO Bradley Garlinghouse, had marketed investment contracts unlawfully.
The Current State of the Ripple Market and Its Performance
This alone was enough to cause huge selling, wiping all Q4 2020 profits and pushing prices down to $0.16. The decline, which occurred in the midst of a market-wide boom, was an exception.
The XRP market cap suffered as a consequence of this drop, relegating the currency to seventh place.
The tide, though, is starting to turn.
The ripple bulls are upbeat. It turns out that the SEC’s departing chair had hastily constructed a case that didn’t stand up under scrutiny.
A succession of positive decisions by United States Judge Sarah Netburn seem to be exposing the SEC, favoring Ripple and XRP.
A victory for the blockchain firm would undoubtedly boost its stock price to new heights. It’s why, despite the crypto world’s tribalism, the community is pulling for XRP.
As a result, XRP is benefiting from a mix of strong fundamentals and the crypto market’s second surge.
XRP is now in sixth place, edging off Dogecoin and inches away from USDT, a stablecoin. It has gained 58 percent versus the dollar this week, but has remained stable on the final trading day.
There are even more bullish juices on the daily chart.
For example, XRP/USDT is now trading inside a bullish breakout pattern, having broken over January 2021 highs and the psychological round number of $1.
The path of least resistance is now northwards, thanks to a favorably slanting middle BB, a bullish breakout pattern above important liquidation levels, and a significant increase in trading volumes, all of which are accompanied by fundamental supports.
“Fun Times” coming for Ripple Buyers Targeting $3.2, according to a cup-and-handle formation.
This explains why most traders are optimistic about the future. From price activity on the daily chart, a trader on Twitter identified a cup-and-handle configuration.
Is it reassuring to you now that you’ve seen this? pic.twitter.com/xNaY6SuZ4t
August 13, 2021 — PandaRippleXRP (@RipplePandaXRP)
He asked the trading community whether they were comfortable with the pattern and received a positive response.
The chances of XRP prices printing further over H1 2021 highs to all-time highs of above $3 remain high, based on the technical candlestick arrangement.
There has already been a follow-up. The breakthrough over $1 and $0.85 was enough to re-ignite the rally, propelling XRP prices to new heights.
Another trader on the same site claims that XRP prices closed over $1 this week.
I don’t see why XRP can’t create new ATHs now that it’s close to red ($1) this week.
I despise and like seeing it. I’ll be delighted if it goes to ATH because I’ll earn a lot of money, but if it goes to ATHS, the end of the run is approaching.
In any case, it’ll be a good time. pic.twitter.com/PINIL7ddKF
August 14, 2021 — DonAlt (@CryptoDonAlt)
As a result, XRP has no reason to not regain its all-time highs.
The “Pressure Cooker” for XRP/BTC is about to explode.
One trader on Trading View believes the Ripple “pressure cooker” is ready to burst, based on the XRP/BTC weekly chart.
The analyst’s optimism is based on a number of technical factors. One, there is a bullish engulfing pattern that confirms buyer entrance. Second, the stochastic is bottoming up from oversold area, signaling a buy signal.
Putting them both in the same image suggests that the XRP bulls may continue as we go forward.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
Ripple seems to be on track to breaking past the $1.00 resistance, and the bulls are still in full swing. XRP/USD bulls are angling for another test of $3.00, while bulls on the Bitcoin side are on the verge of bringing up $4,500. Both are very important levels, and both are major buying opportunities for those looking to trade Ripple and Bitcoin.. Read more about pressure cooker accidents statistics and let us know what you think.
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