XRP Second Time is the Charm
Hello Traders,
Previously we went over an analysis on XRP coming to a major resistance zone. As you can see here we have pulled back from this area and now have bounced off of the lower support zone after some consolidating. That consolidation seems to have formed a bullish flag continuation pattern in which has a target that would shoot the price action above the resistance area shown on the chart to $1.16. It is very possible on this attempt to break up over the resistance zone for multiple reasons. The first two are technical reasons and the first being the Bull flag structure that is forming in the consolidation the price action is currently in. This being a continuation that generally extends the same length of the flag's pole stacked on top of where the price action breaks out of the top of the flag it is largely bullish, the second reason is the more times a resistance or a support for that matter are tested by the price action knocking on its door to break through, the more likely it will eventually do just that. I generally look for 3 or more attempts to see a break, which leads us to the third reason I see the resistance being broken through and that is a fundamental reason. That reason being in regards to the SEC case against XRP seemingly coming to an end and favoring Ripple the company responsible for creating XRP. If this SEC lawsuit against XRP is dismissed I would expect this to be very bullish for not only XRP but, also for many other cryptocurrencies as it would set a lot more clarity on laws that have not yet to be made in regard to this sector.
Regardless, this coin has been highly suppressed from this suit and if won would be re-listed on all major exchanges being that it still holds weight being in the top 10 when it comes to market cap of all other coins XRP is still 6th largest market cap albeit knuckle deep in a lawsuit with the US government financial watchdog headed up by everyone's "favorite" Gary Gensler. The listing of this coin on major exchanges alone would give this one a nice pump, along with the case being dropped and XRP's already set in stone Major partnerships with financial institutions such as Santander (USA) Canadian Imperial Bank of Commerce (Canada) and Kotak Mahindra Bank of India just to name a few would most likely cause a utility pump due to these world banks "flipping the switch" as stated by Brad Garlinghouse and the Ripple team referring to the readiness of the utility of the XRP technology to be implemented with the banking services of their many world bank partnerships. Between the technical and fundamentals on this one, I am excited to see how high it can go.
I personally am looking for targets at $6,$28,$64 and even into triple digits by the end of this year. I implore you too do your own research on what XRP has set out to do, what the implications of a win in this case will do and what the outlook of the price may be after it is all said and done!
As always, have a GREEN week!
Savvy
Previously we went over an analysis on XRP coming to a major resistance zone. As you can see here we have pulled back from this area and now have bounced off of the lower support zone after some consolidating. That consolidation seems to have formed a bullish flag continuation pattern in which has a target that would shoot the price action above the resistance area shown on the chart to $1.16. It is very possible on this attempt to break up over the resistance zone for multiple reasons. The first two are technical reasons and the first being the Bull flag structure that is forming in the consolidation the price action is currently in. This being a continuation that generally extends the same length of the flag's pole stacked on top of where the price action breaks out of the top of the flag it is largely bullish, the second reason is the more times a resistance or a support for that matter are tested by the price action knocking on its door to break through, the more likely it will eventually do just that. I generally look for 3 or more attempts to see a break, which leads us to the third reason I see the resistance being broken through and that is a fundamental reason. That reason being in regards to the SEC case against XRP seemingly coming to an end and favoring Ripple the company responsible for creating XRP. If this SEC lawsuit against XRP is dismissed I would expect this to be very bullish for not only XRP but, also for many other cryptocurrencies as it would set a lot more clarity on laws that have not yet to be made in regard to this sector.
Regardless, this coin has been highly suppressed from this suit and if won would be re-listed on all major exchanges being that it still holds weight being in the top 10 when it comes to market cap of all other coins XRP is still 6th largest market cap albeit knuckle deep in a lawsuit with the US government financial watchdog headed up by everyone's "favorite" Gary Gensler. The listing of this coin on major exchanges alone would give this one a nice pump, along with the case being dropped and XRP's already set in stone Major partnerships with financial institutions such as Santander (USA) Canadian Imperial Bank of Commerce (Canada) and Kotak Mahindra Bank of India just to name a few would most likely cause a utility pump due to these world banks "flipping the switch" as stated by Brad Garlinghouse and the Ripple team referring to the readiness of the utility of the XRP technology to be implemented with the banking services of their many world bank partnerships. Between the technical and fundamentals on this one, I am excited to see how high it can go.
I personally am looking for targets at $6,$28,$64 and even into triple digits by the end of this year. I implore you too do your own research on what XRP has set out to do, what the implications of a win in this case will do and what the outlook of the price may be after it is all said and done!
As always, have a GREEN week!
Savvy
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