Ripple XRP is trading in an uptrend like many other altcoins. The Cryptocurrency XRP just went up +72% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +105% in a month.
What is XRP?
Ripple (XRP) is one of the fastest and most scalable digital assets, enabling real-time global payments anywhere in the world. The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While XRP is the cryptocurrency native to the XRP Ledger, you can actually use any currency to transact on the platform.
XRP Price Analysis
At the time of writing, XRP has ranked the 4th cryptocurrency globally and the current price is $1.25 AUD. This is a +72% increase since 1st April 2021 (7 days ago) as shown in the chart below.
For now, XRP/USDT has formed some solid bullish signs, not only on the lower timeframes but also on the 12-hour chart – possibly the origin for the suggested targets to reach within the upcoming schedule. XRP/USDT seems to bounce off the black line cluster: taking off from there might provide a great origin for upside targets to be reached.
The first resistance was on the $0.85 AUD price levels which XRP broke with a strong bullish trend buying volume and is now heading towards the next resistance price at $1.35 AUD. Seeing that many altcoins are holding strong this week, XRP will possibly continue the bullish trend.
What do the Technical indicators say?
The Ripple XRP TradingView indicators (on the 1 day) mainly indicate XRP as a buy, except the Oscillators which indicate XRP as a sell.
So why did XRP breakout?
General market sentiment seems to suggest many cryptos are in the middle of a bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying XRP for this Altcoins rally. It could also have contributed to some of the recent news regarding Ripple’s Letter regarding Motion to Seal with Proposed Redacted Exhibits.
The first redaction is an email between Ripple CEO Brad Garlinghouse and an anonymous person about Rippleworks, the company’s non-profit VC arm. The second is between anonymous parties discussing the public perception of XRP and Ripple’s control of it.
Recent XRP News & Events:
- 30 September 2020 – 0.7.0 Beta Version
- 28 September 2020 – Teamz Blockchain Summit
- 05 November 2020 – Q3 2020 XRP Markets Report
- 12 December 2020 – Spark Distribution
- 31 December 2020 – Xumm 1.0
Where to Buy or Trade XRP?
XRP has the highest liquidity on Binance Exchange so that would help for trading XRP/USDT or XRP/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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