XRP Price Consolidating Strongly
XRP price in recent times has showcased a historic and strategic movement, due to which the price may also hit $10 in 2021. The Ripple-SEC lawsuit which was intended to drag the XRP price to ashes as analyzed by many, has given a major blow instead. The XRP price kept on surging with any new advancements coming in from the courtroom.
Regardless of numerous FUD’s flowing along with the lawsuit, XRP price rose like a giant despite a freefall close to $0.2 levels. The strong XRP community upheld the price at the right time and eliminated the possibility of a rug-pull.
The price of Ripple’s XRP appears to have following a strategy of consolidating after achieving a milestone. Previously, after hitting the milestone at $1, the price consolidated by trending in the similar zones for a couple of days, until a push occurred and rallied the price close to $1.5.
After hitting the yearly highs around $1.5, the price appears to have entered the consolidation phase yet again.
Crazy to see #XRP consolidating in the $1.30s. Looks like another move up soon🚀
— CryptoBull (@CryptoBull2020) April 12, 2021
And if the similar price trend continues, then the XRP price is again poised for another 40% to 50% jump which will result in a price spike above $2.
Also Read: Will Ethereum Gas Fee Hinder ETH Price Rally towards $3000?
Is Coinbase Fearing the Loss of XRP Volume?
Coinbase, one of the popular exchanges in recent times, had withdrawn the trading of XRP from its platform. The reason behind the decision was cited to be the Ripple-SEC lawsuit. However, in one of the hearings, SEC made it clear that only the Ripple affiliates could have sold XRP illegally. And hence the exchanges or any other individuals who sold XRP were excluded.
By making it clear that exchanges were not in the soup, yet they hesitate to relist the asset. However, it seems that the immense growing popularity of the asset with mammoth volume might have put the brains behind the platform into a deep thinking. And hence, despite the trading being suspended, a huge amount of XRP still flows into the platform.
— Whale Alert (@whale_alert) April 12, 2021
The similar events had been witnessed before, may be an attempt to accumulate the asset. But the reason behind the accumulation is still misty as accumulation without trading may lead to a price drop. However, the XRP community still believes that the exchange may consider relisting XRP as it is going public shortly.
Collectively, Ripple-SEC lawsuit did not lay a huge impact as the XRP price stood strong among all the FUD’s. The price is expected to smash the initial target at $2 very soon, $10 still being on the cards.