Ripple company has a lot of anticipation this year. In fact, after the SEC hit Ripple with a lawsuit, things turned a bit sour. Unfortunately for XRP, the entire crypto market also crashed and this chattered its value. Today, there are many indications that confirm that XRP started to recover from this mess. From strong technicals all the way to good fundamental backing, XRP was poised to explode. In this article, we’re going to talk about why can XRP reach higher and lay out a trade setup for newcomers who want to capitalize on the XRP price boom.
Why did XRP Price BOOM?
There are many reasons why XRP boomed recently. In fact, this token was always a lagger when it comes to upward price-action vis-a-vis the cryptocurrency market. When most cryptos start to rally, XRP stays in consolidation mode or even goes lower. After a few days, its price shoots high and recovers. This has been the case many times, like in 2017 and even in the past week. Here’s why XRP prices can continue going higher.
1- Ripple company might SETTLE with the SEC
Many people believe that if a company gets slammed with a lawsuit, it means that the company’s future is destroyed. This is simply not the case, as ALL companies deal with these lawsuits. Even the big names such as Apple, Samsung, and Facebook…all once had scandalous lawsuits. On the other hand, this does not mean that the company is bad. It simply means that someone else is pissed and wants monetary compensation. This of course depends on the nature of the lawsuit, but in Ripple’s case, the SEC wants compensation because they believe Ripple sold securities without obtaining a proper license.
What’s the worst thing that might happen? Ripple company paying a monetary penalty. That’s it. The other case would be Ripple winning the case without paying a dime, and that’s what the company is aiming towards.
2- XRP Price is showing a healthy COMEBACK
If we disregard the fundamental news and look purely at the technicals, we can notice how XRP prices skyrocketed from USD 0.54 all the way towards their current price of USD 1.18. That’s an incredible 118% in 1 month only! In our previous article, we did predict XRP reaching the psychological price of USD 1. Today, we are well above this area with a slight price adjustment. If the buying power in the crypto market remains, XRP prices will definitely continue upward, eyeing the USD 1.5 area.
The Crypto Market at a Glance
In the past 7 days, all cryptocurrencies managed to gain in value. The top gainers to date are AUDIO, LUNA, and SOL gaining 150%, 76%, and 81% respectively. On the other hand, ICP, OKB, and NEXO lost 15%, 6%, and 3% respectively.
1- Bitcoin (BTC) : + 0.76 %
2- Ether (ETH) : + 1.01 %
3- Binance Coin (BNB): + 18.55 %
4- Cardano (ADA) : + 40.43 %
5- Tether (USDT) : 0 %
6- Ripple (XRP) : + 42.92 %
7- Dogecoin (DOGE) : + 26.95 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): + 27.87 %
10- Solana (SOL) : + 80.93 % (new comer)
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Rudy Fares