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Ripple

XRP Price Prediction: Ripple bulldozes resistance, eyes $1.00

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  • XRP price bounces over 38% over eight days, taking the altcoin close to the 200-day simple moving average (SMA).
  • Daily volume profile improving with two positive days on above-average volume.
  • Ripple falls short of triggering a double bottom pattern.

XRP price rebound has taken on an impulsive tone, lifting the cross-border remittances token near the convergence of the 200-day SMA with the longstanding inverse head-and-shoulders neckline around $0.775. The newfound commitment has raised the odds of a successful breakout moving forward and a rush to the psychologically important $1.00.

XRP price has one more step to go in the bottoming process

Contrary to initial forecasts, XRP price has quickly overcome multiple layers of resistance during this rebound from an oversold condition on the daily Relative Strength Index (RSI). The first layer was the May descending trend line, followed by the critical May 23 low of $0.652, a point of resistance in mid-July and fortified by weekly highs in February and December 2020 around the same price. Finally, Ripple closed above the 50-day SMA at $0.680 yesterday with the best daily gain since June 23.

The strength of the XRP rally now has the digital token carrying a weekly gain of almost 18%, marking the best weekly return since the end of April and comes off a successful test of the 50-week SMA last week. Moreover, on a monthly basis, Ripple is now flat for July after being down 27% at the July 20 low.

XRP/USD weekly chart

XRP/USD weekly chart

What’s next? XRP price needs to trigger the double bottom pattern with a daily close above $0.733 and then log a close above the confluence of the 200-day SMA with the neckline of the inverse head-and-shoulders pattern at $0.775. If successful, XRP price is free to test $1.00 and potentially the 38.2% Fibonacci retracement of the April-June correction at $1.06, which aligns with some price congestion in late May and early June. An advance from $0.775 to the Fibonacci retracement level represents a 38% return for Ripple.

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XRP/USD daily chart

XRP/USD daily chart

With several layers of resistance beat, they become support for any XRP price weakness. To be sure, the 50-day SMA at $0.675 is important, but the critical line in the sand is the May 23 low of $0.652. A failure at that level will invite further losses down the junction of the May descending trend line, with the 78.6% retracement level of the rally originating in December 2020 at $0.555.

The 38% gain over the eight days to yesterday outperformed the previous bounces during the corrective process, marking a change in XRP price personality. Ripple still faces stiff resistance, but it has created a magnitude of momentum that could strike a breakout over $0.775 and launch the international settlements token to $1.00 in the immediate future.

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Here, FXStreet’s analysts evaluate where Ripple could be heading next as it advances further.

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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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