As an analyst with over a decade of experience in the cryptocurrency market, I must admit that watching the XRP price action is always an intriguing ride. The recent surge of 3% to trade at $0.591 is reminiscent of the wild west days of Bitcoin’s early years.
As a researcher, I’ve noticed an interesting trend: During the market correction on Monday, the price of XRP outshone many others and jumped by 3%, trading at around $0.591. The positive momentum for Ripple seems to be picking up speed, with the potential risk from the U.S. SEC appeal appearing to lessen due to other recent developments. It begs the question: Are XRP investors gearing up to respond?
XRP Price Rebonds Amid Grayscale Launch and MiCA Alliance Announcement
Last week saw an impressive V-shaped rebound in the daily chart of XRP‘s price, soaring from $0.5 to $0.58 – a significant 15.6% increase. This bullish reversal was sparked by several events, including the introduction of the Grayscale XRP trust fund and the resumption of trading for XRP on the Robinhood investment platform.
As an analyst, I found myself energized on Monday as Ripple’s momentum continued to build. This was due to the exciting news that Ripple had been selected as a founding member of the MiCA Crypto Alliance, backed by the DLT Science Foundation (DSF). Joining forces with Hedera and the Aptos Foundation, this alliance underscores Ripple’s unwavering dedication to pushing the boundaries in blockchain compliance, sustainability, and transparency.
Through this collaborative approach, blockchain companies can sidestep compliance difficulties and instead focus on spurring technological innovations within the European blockchain sector. The enhanced regulatory transparency might even strengthen the attractiveness of XRP for both individual and institutional investors.
Ripple On the Verge of Major Breakout
Right now, each XRP is worth approximately $0.591, giving it a total market value of around $32.6 billion. In the midst of the ongoing market rebound, investors have successfully regained control over the 50-day and 200-day Exponential Moving Averages, providing potential support for further price increases.
If continuous buying continues, the XRP price is only 3.5% from attempting to surpass the upper boundary of the triangle pattern that has remained unbroken since September. The chart configuration suggests a sideways movement with two lines converging, ready for a significant breakout to determine the direction of the next major move.
Consequently, a breakthrough above the upward trendline could significantly boost the bullish trend, with possible price targets reaching $0.93 and subsequently $1.4.
Conversely, should the selling pressure along the descending trendline continue, it’s possible that the XRP price might return to its $0.4 bottom support level.
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2024-09-17 00:57