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XRP price fortifies rebound while rumors of a Ripple IPO surface

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  • XRP price sketching a bullish inverse head-and-shoulders pattern on the intra-day charts.
  • All key moving averages remain in uptrends, supporting rebound continuity.
  • Ripple investor endorses rumors of Ripple going public after SEC case resolution.

XRP price has been a wild ride in April, beginning with a rally of nearly 250%, followed by a 50% crash, and now a 60% rebound. Chart technicals have been tossed around like a salad, but Ripple now appears to calmly consolidate the price compression, upgrading the long-term bullish outlook.

XRP price volatility spotlights the hazards of a cryptocurrency wrapped in legal uncertainty

During an earnings presentation call, Yoshitaka Kitao, CEO of the Japanese financial juggernaut SBI Group, rekindled the rumors of Ripple executives contemplating an initial public offering (IPO) once the Securities and Exchange Commission (SEC) lawsuit is settled.

Last year Ripple executive Brad Garlinghouse hinted at an IPO.

In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side. It’s a natural evolution for our company.

An IPO would be a big boost to SBI Groups’ financial fortunes, considering they are the largest outside shareholder of Ripple. Kitao predicted such an IPO would trigger interest in other SBI Group investments, such as blockchain consortium R3, to go public in the future.

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For now, under the stress of the SEC case, Ripple executives are focused on securing legal victories and increasing the adoption of the cross-border remittances token outside of the United States.

Last week, Ripple closed down 26.41% for the largest weekly loss since the SEC case was first made public. The overall loss from the April high was 55%.

XRP price responded impressively with a 30% gain on April 26, shattered the declining trend line from the April high, and achieved a 60% in five days. Over the last two days, Ripple has shifted into a process of consolidation that slowly reveals an inverse head-and-shoulders pattern.

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A breakout from the bottoming pattern would strike resistance at the 61.8% Fibonacci retracement of the April decline and the 78.6% retracement at $1.73. However, the psychologically important $2.00 and the 61.8% retracement of the 2018-2020 bear market at $2.08 are what seizes the attention of bullish Ripple speculators.

XRP/USD 12-hour chart

XRP/USD 12-hour chart

The bullish outlook could be complicated by a restart of the collective decline in the cryptocurrency complex or a negative development in the SEC lawsuit. Some support will manifest around the 50 twelve-hour moving average at $1.30, but the legitimate support does not arrive until $1.00.

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An incremental rally underpins the bullish outlook, but there is no room for underestimating the volatility of Ripple. Staging entries with discipline and elevating risk management to the forefront is the right investment program for the digital token.

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Ripple CEO Claims Ether Surpassed XRP Because of SEC

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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.

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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.

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Here’s how Ripple is expanding its footprint in Asia Pacific

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Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.

Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.

Providing the Structure for Cross-Border Payments

There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.

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Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.

Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.

Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.

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Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:

“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”

New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.

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Ripple Forecast and XRP/USD Analysis October 21, 2021

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XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through 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 a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.

Ripple Forecast and XRP/USD Analysis October 21, 2021

In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.

Ripple Forecast and XRP/USD Analysis October 21, 2021

Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.

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