The Ripple price is on a tear. A month ago, the coin was changing hands at a ballpark $0.25. At the time of writing (Nov 24), XRP prices have more than tripled to $0.76, rallying 52 percent on the last trading day, and 148 percent week-to-date. A visible resistance is at $0.80, the September 2018 high.
Ripple (XRP) Overview
The Ripple price is rallying. With an impressive performance over the last trading week, buyers are upbeat.
In the last 10 days, Ripple bulls have cleared several resistance levels. Notable liquidation lines stood at $0.30, $0.45, $0.50, and now, the immediate target is $0.80—the highs of September 2018.
From candlestick arrangements, the current uptrend could be promising. For one, there is an uptick in trading volumes.
Even though they are within range and not of September 2018 averages, fundamental events may buoy buyers. Consequently, this builds a ground for better highs in the coming weeks.
Ripple (XRP) Market Movers
Developments from the news front are supportive of bulls. The recent suggestion by the United States Office of the Comptroller of Currency (OCC) preventing banks in the country from blacklisting legal industries, that may include companies directly involved in cryptocurrencies, is bullish.
Ripple executives have been drumming for better laws around cryptocurrencies and blockchain to be formulated for adoption purposes.
Understandably, Ripple is stepping into remittance with plans of significantly lowering transaction fees and unlocking funds. With their main partners being regulated financial institutions and global banks, regulatory clarity goes a long way in influencing their business.
Already, Ripple plans to define its strategy regarding central bank-backed currencies (CBDCs). In a recent job posting, the for-profit company wants to hire a director to engage with central banks regarding CBDCs and how the XRPL can be integrated into their initiative.
Meanwhile, Forte, a gaming company backed by Ripple, is partnering with several firms in their push to bring XRP to the $140 billion gaming industry. Through Forte, these firms will use blockchain technology for control and management of in-game assets and economies.
Ripple Price Prediction
The Ripple price is firmly on an uptrend.
In the weekly chart, not only has XRP prices soared above June 2019, but there are grounds for a possible moonshot above $0.80.
The coin is trading within a bullish breakout pattern that started in late July following the break above a multi-month resistance trend line. Accompanying the breakout were above-average trading volumes. Later on, the Ripple price accumulated without invalidating the breakout until last week’s trend continuation and close above Aug 2020 highs of $0.34.
Notably, the Ripple price is recovering and volumes are still within range. Following the late 2017 rally, losses of 2018 saw the coin plunge, reversing gains. The correction was over 95 percent as the Fibonacci retracement tool shows.
The $0.80 mark coincides with the 78.6 percent Fibonacci level. If buyers break this level, the odds of the XRP price rallying to $1.32 and $1.72, the 61.8 and 50 percent Fibonacci retracement levels are possible.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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