Ripple (XRP) has been bullish over the past few days. The Ripple Labs-affiliated coin continues to display positive sentiment. Well, what will happen in the next period?
Ripple continues to receive reinforcements
XRP has gained a valuable price over the past few days. He has returned to the path of ascension. Koindeks.com As we reported, the Blockchain Association recently filed an application to support Ripple in the SEC and Ripple lawsuit. In December 2020, the US Securities and Exchange Board (SEC) sued Ripple Labs for selling its native token XRP as an unregistered security. Detailing its basis, the Blockchain Association used the following words:
Securities agents do not understand that an asset that may have been issued as a security is no longer bound by a random investment contract. This is also a very valuable topic when trying to implement Howey clauses.
Meanwhile, Ripple’s latest profit report also points to positive developments for XRP. According to the report, the company owns less than 50 percent of the total token supply of XRP. According to Ripple CEO Brad Garlinghouse, this is a turning point. Garlighouse said that Ripple has focused on XRP and XRPL for 10 years. It’s quite a platform of choice in the payments space, and as its real benefits emerge, the platform will gain strength, he says.
What’s next for XRP price?
According to analysts, XRP’s recent bullish candles are indicative of the first step of a strong bull run. Last month, XRP gained over 60 percent, giving its community and investors a bullish mood. According to the data, XRP is currently changing hands at $ 0.46 with a 1.5 percent decrease. The daily price chart of XRP shows that the coin is consolidating mid-$0.54 to $0.42. In addition, according to the data, the trading volume of XRP also increased. This showed the potential for future upside.
However, the current uptrend may be forming a counter-pattern to the downtrend. According to analysts, if XRP breaks the immediate resistance level at $0.55, it will reach the upper end of the Bollinger band at $0.67. If XRP stays above $0.66, the uptrend continues. It then reaches $1. On the other hand, according to analysts, the RSI continues to see the process above the 50 level. This shows the bullish zone for XRP in the coming weeks.
However, a downtrend is likely if XRP fails to follow the predicted pattern, according to analysts. XRP is at risk of falling to $0.34, with a 30 percent selloff from its current price. According to analysts, the lower limit of the Bollinger band is $ 0.42. Below this, XRP experiences a sharp decline. Subsequently, it sees the process at $ 0.3.