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Price Analysis

Ripple Is Up 15%, Analysts Expect XRP/USD to Go Parabolic Above $3 Even Without SEC



Whats next for Ripple Cover

Nobody thought Ripple could slide from third to seventh like it is the present situation. The general XRP community was boisterous, constantly arguing how RippleNet is far superior to Ethereum and Bitcoin.

Ripple Market Performance

As of writing, XRP is at sixth, stable on the last trading day, and up double digits in the past week.

There is confidence among holders that XRP’s fortunes will soon change.

In the daily chart, XRP/USD prices are encouragingly edging higher, defying gravity and firm above crucial resistance levels.

However, in the days ahead, how well XRP bulls confirm gains of last week would determine the general performance of Ripple in the medium term.

Technically, the path of least resistance is now northwards.

Ripple Price Daily Chart for Aug 10

Specifically, XRP/USD prices are now trading at around September 2018 highs of around $0.85—a level of crucial importance marking H1 2021 support—now resistance.

Interestingly for bulls, the performance in the daily chart is encouraging. For example, XRP bulls have successfully rejected lower lows registered over the weekend.

Instead, bull bars are now tracking the upper BB suggesting high underlying momentum and volatility.

Besides, XRP/USD prices are within a bullish breakout pattern after clearing July 2021 highs, complete with a retest of early Aug 2021.

Marking this defining moment was an upswing in trading volumes, resulting in a firm wide-ranging bull bar.

Ripple Price to $10 “With or Without the SEC”

This explains why the Ripple community is generally positive.

One took to Twitter, remarking that given the state of the project’s fundamentals as well as the state of XRP prices, nothing can stop the rally back to its all-time high.

Although the crypto community expects more gains once the judge rules the ongoing case, the trader is buoyant. He says with or without the case, the XRP price is on its way to print over $10.

In his view, the SEC case was deterrence for people not to invest in XRP. Overly, SEC is mandated with regulating the crypto sphere:

XRP/USD back to All-Time Highs

On Twitter, another trader notes of favorable candlestick arrangement in play with technical indicators.

For example, there is a bullish divergence on the RSI momentum indicator on the 3-day time frame.

At the same time, there is a bullish cross on the MACD.

Additionally, as of writing, there has been a bullish crossover of the 21 and 50-period EMA.

All these are signals indicative of underlying strength and, therefore, the possibility of higher highs thrusting back XRP to $1.8 and even $3.2 in the days ahead.

A Multi-year Cup-and-Handle Formation in the Weekly Chart

CoinsKid on YouTube thinks XRP prices could reach their all-time high, completing a multi-year cup-and-handle formation.

However, if there is a break to the upside, XRP/USD stands to more than double, surging above $6.5 in a buy trend continuation pattern. It will be at that point that XRP prices could begin going parabolic, even tearing higher, potentially placing XRP at $21.

Charts courtesy of Trading View

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

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