Ripple Price Increases 10%, XRP / USD Buyers Target $ 1
In the eyes of the XRP Army, price action is like clockwork. Ripple's price train, regardless of the obstacles, will melt through the barriers.
At the time of writing, the currency is one notch higher, gaining against the dollar in the last week of trading.
In sixth place, the price of XRP is up 10 percent and is above the $ 0.70 mark.
XRP awaits the ongoing court case
Technically, buyers appear to be in control, undoing their losses from July and starting the new month strong. Historically, cryptocurrency prices tend to post higher gains in the third quarter, only to seal them with even more incredible gains in the last quarter.
In hindsight, therefore, Ripple traders remain hopeful. Anchoring their hopes is the ongoing court case where Ripple's lawyers appear to be winning, reading the comments from Judge Sarah Netburn.
If in fact, as Ripple supporters claim, XRP will soon be put up for sale again by, say, Coinbase, it could be an indication that the exchange is confident that Ripple will come out stronger against the SEC, causing a rally above. resistance levels in a buying trend continuation pattern. .
Ripple Report Q2 2021
Meanwhile, according to the Ripple Q2 2021 report released on July 29, Ripple supports specific clients by selling XRP.
They say this shows how their solutions are helpful in introducing efficiencies, eliminating the need for pre-funded accounts.
The On-Demand Liquidity (ODL) solution uses XRP for instant, inexpensive, borderless fund transfers.
Ripple has also launched the first ODL implementation in partnership with SBI Remit in Japan. In this deal, Coins.ph and SBI VC will be connected via XRPL, which will introduce better efficiency, according to Asheesh Birla, CEO of Ripple.
Ripple price analysis
To understand how firm the buyers are, a trader should switch to the weekly chart where there is a three-bar bullish reversal pattern.
XRP / USD prices are printing higher on the daily chart, consolidating its position above the multi-week mid BB (previous resistance is now support) in a bullish breakout pattern.
Notably, the Aug 1 buyers appeared to have increased their longs, separating widely from $ 0.70 as of June 2021.
Based on the candlestick arrangement on the daily chart, each low could be a loading opportunity with targets of $ 1.
On the other hand, losses below $ 0.70 could slow buyers down.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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