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Ripple Price Analysis: XRP pacing towards $1 ignores the uncertain regulatory future

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  • Ripple’s response to the SEC lawsuits dares the regulator to prove how Ethereum and Bitcoin are not securities.
  • XRP bulls yearn for gains at $0.1, but they must overcome the hurdle at $0.75 first.
  • A correction will come into the picture if XRP fails to close the day above $0.6.

Ripple is trending higher during the weekend session. This week’s trading has yielded immensely for the cross-border token, keeping in mind that it had tumbled to $0.35 in the previous week. The least resistance seems upward as Ripple exchanges hands at $0.63. Bulls have their eyes on $1, but they must bring down the resistance at $0.75.

Ripple seeks regulatory clarity

Ripple Lab’s Inc., the United States blockchain startup, has recently filed a response to the Securities and Exchange Commission (SEC) lawsuit. In the filing, Ripple denied all the accusations against it and its top executives. The SEC claims Ripple failed to register with it at the beginning of its operations and has been evading the regulator for seven years.

Ripple came up with yet another twist for the SEC to provide information proving that Bitcoin (BTC) and Ethereum (ETH) are not securities. The battle for regulatory clarity seems to have started for Ripple, and the road could be bumpy. On the other hand, XRP is making weekly highs despite the uncertainty.

Ripple extends the bullish leg toward $1

XRP is gearing up for an ultimate upswing to $1 after closing the day above $0.6. Recovery from the recent dip has been persistent and steady. All eyes are glued on the short-term resistance at $0.75, which will function as a springboard to $1.

The bullish outlook has been cemented by the Moving Average Convergence Divergence (MACD). The MACD line (blue) cross above the signal line is a bullish signal, which means the uptrend is likely to progress to higher price levels. This technical indicator tracks the trend of the asset and measures its momentum. It can also be used to identify possible entries and exists in the market.

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XRP/USD 4-hour chart

XRP/USD 4-hour chart

XRP holders are currently on a buying spree according to the holder distribution metric by Sentiment. Following the pump a couple of weeks ago, whales offloaded their bags in large volumes. However, the token appears to be attracting them back. For instance, addresses containing between 1 million and 10 million XRP have risen from 1,117 on February 1 to 1,151 at the time of writing, a 3% increase. If this buying pressure continues to grow, we can expect XRP to shoot to $1 quickly.

Ripple holder distribution 

Ripple holder distribution 

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Looking at the other side of the fence

It is essential to realize that XRP may start to correct from the upswing it fails to rise above $0.75. Moreover, bulls must defend the support at $0.6 as if their lives depend on it. Otherwise, Ripple could see selling pressure intensify, especially with the cloud of uncertainty hovering over it.

The most critical support is $0.5 at the 50 Simple Moving Average, but the primary support at $0.35 will come in handy if the declines soar.

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XRP

XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal

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Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). 

In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.

“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”

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The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin. 

“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.  

“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”

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Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators. 

“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”

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Chainlink

XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

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Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

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Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

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“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

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“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

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Cardano

Top Analyst Plots Path Ahead for Cardano and XRP, Says Three Altcoins Are Now Attractive After Dip

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Michaël van de Poppe is sharing his updated forecast for two leading altcoins, Cardano (ADA) and XRP.

In his new video, the crypto analyst says that Cardano has hit important price levels, breaching the $1.90 to $2.10 range.

“I’m assuming that Cardano is quite close to being bottomed out at this stage, through which we can expect new impulse waves to be happening.”

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Van de Poppe next looks at the token’s Bitcoin pair (ADA/BTC) and says that there is a possibility that Cardano could see new highs.

“I’m expecting that we’re going to have some slight consolidation comparable to the area that we had in April. So some slight consolidation here until we crack resistance, but if we [do], I think we’re going to be running with new all-time highs or new highs for Cardano here as well.”

The trader also identifies a crucial price level for XRP that could indicate a bullish signal for the crypto market.

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“I think that if you want to get into the markets then the chances are here that we’re finally getting bottomed out and we are ready for the next impulse wave in the market.

What is the level to crack for XRP? The area around $1.05 is the one that it has to crack through. I’m not assuming that we’re going to get it in one go, but I’m assuming that once it breaks through there, I think all coins will be breaking out left and right. But this is a good candle on XRP.”

The widely-followed analyst notes that the downturn offers a good opportunity to get into the market, naming Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as the three altcoins to buy during the dip.

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“Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course. 

When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”

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