- XRP has experienced a resurgence in the markets partly due to the crypto arm of the WallStreetBets community: SatoshiStreetsBets
- Crypto analyst MagicPoopCannon has reminded the crypto community that XRP has real utility
- He forecasts that XRP could experience a massive explosion to $9 or even $20
- US residents can still trade XRP on Uphold
The remittance coin of XRP has experienced the proverbial resurrection in the crypto markets partly due to the crypto arm of the WallStreetsBets community: SatoshiStreetsBets. The latter group of investors is responsible for the XRP rally from around $0.25 on the 28th of January, to a local high of $0.75 on the 1st of February.
At the time of writing, XRP is trading at $0.44 in what looks like consolidation for another go at $0.50 resistance level in the days to follow.
XRP has Real Utility
The recent rally by XRP has reignited conversations as to whether the remittance coin is relevant in an era of stablecoins such as Tether (USDT) and the inevitable issuance of Central Bank Digital Currencies (CBDC).
Furthermore, doubts have persisted as to whether XRP can rally to levels that will allow its market cap to exceed that of other heavyweights such as Bitcoin and Ethereum. However, Bitcoin and crypto analyst MagicPoopCannonn believes that Market cap should not be an issue for XRP since it has real utility. He explained his logic as follows.
People who question XRP‘s upside potential due to supposed “market cap” restraints, don’t understand that it was designed (and is being implemented) to move trillions worldwide. Market cap will explode if/when that materializes. XRP has real utility people. Think about it.
XRP Could be on ‘the Verge of an Explosion’
With respect to the ongoing market interest in XRP, Magic forecasted that the remittance coin could rally to $9 or even $20.
XRP looks like it’s on the verge of an epic explosion. My target for a moonshot rally is $9, where I think we could see a strong pullback. If that happens, I honestly believe XRP could rally upwards of $20, with a final target around $50.
Magic further explained that such targets for XRP are not impossible as the remittance coin soared by over 76,000% in 2017.
Hate it or love it, #XRP probably has the best upside potential of all the major cryptocurrencies right now, and it was one of the best, if not THE best performer in 2017, as it literally soared 76,000%.
Uphold Exchange is Available to XRP Traders from the U.S.A
To note is that US residents can still trade XRP on the Uphold crypto exchange. The latter platform decided to take a ‘wait and see’ approach with the Ripple SEC lawsuit rather than jumping the gun and delisting XRP. As a result, a lot of XRP traders and investors from the United States have migrated their coins to Uphold as observed by the team at XRP scan via the following statement and chart.
Huge surge in number of XRP deposits making their way to UpholdInc, which remains one of the few exchanges still allowing trade for US customers.
Ripple may stay sideways: Elliott Wave analysis
Ripple, XRPUSD is still good, but now that it didn’t manage to break above channel resistance line and that some ALTcoins are already at the resistance, then we have to be aware of more complex correction in wave B/2, until we see broken 1.18 bullish confirmation level. Maybe we will see more sideways price action or maybe even a retest of 1.00 – 0.85 support zone.
Ripple 1h Elliott Wave analysis
Ripple is nicely recovering in the 4-hour chart as expected and looks like it’s trying to break above channel resistance line that can push the price at least up to 1.25 – 1.40 area for wave (C) or maybe even up to 1.5 – 1.7 area for wave (3). Keep in mind that price may also stay sideways., so invalidation level remains at 0.85.
Ripple 4h Elliott Wave analysis
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Ripple Forecast and XRP/USD Analysis October 22, 2021
XRP/USD are trading at 1.1195 and continue to move within the correction and bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $52,000,913,021. Moving averages indicate a short-term bullish trend for Ripple. Prices are again pushing the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 1.1305 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8655.
Ripple Forecast and XRP/USD Analysis October 22, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 1.2805. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 1.5005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.9705.
Ripple Forecast and XRP/USD Analysis October 22, 2021 implies an attempt to test the resistance level near the 1.1305 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8655. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.2805 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.5005.
Ripple CEO Claims Ether Surpassed XRP Because of SEC
Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse
During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:
Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.
Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.
In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.
Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.
Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:
If laws are so clear, then let’s just say the answer to these questions.
He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.
The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:
We are growing a lot more outside the United States.
China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.