The crypto market has revived as a result of Bitcoin bullish surge. XRP price also benefited from this, collecting significant gains that could signal a favorable future.
XRP Price Analysis
In this week, XRP picked up demand near the $0.50 level and started an upward rally. The token’s steady move took it to as high as $0.834 breaking through the major resistance at $0.8.
There was also a retracement back to $0.76 right after. However, it has again claimed back the $0.8 level.
The next major resistance for XRP this week is at $0.94. A break above this level will validate its run to $1. The odds of this price action playing out are more as the broader crypto market has revived. However, in case of a drop in prices, the support can be found at $0.77, further at $0.71.
The Relative Strenght Index has finally hit the overbought area. Large upward price surges occur in this zone. Expect prices to continue to rise as long as strength can stay above the overbought level of 70.
XRP – The Blockchain of Banks
Popular Analyst and Youtuber Ben Armstrong in his latest video makes a bullish case for Ripple’s wide adoption that is due. He says Ripple is set to collaborate with banks and improve their business with blockchain tech.
He also notes Ripple has various products designed to achieve their goal. The services are popularly Ripple Net and On-demand liquidity. As banks use the ODL network, they can use the XRP token as a bridge currency to streamline settlement times.
Not to forget, In the Ripple Vs SEC, Ripple has been making small wins against the regulator. Recently, the CEO Brad Garlinghouse has been granted a motion, requesting access to Binance documents. This can be a breakthrough for Ripple.
All of this makes a strong bullish case for Ripple’s XRP in the short term and long term. If the token is aided with the support of the broader market, it can skyrocket soon.
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