The crypto market has revived as a result of Bitcoin bullish surge. XRP price also benefited from this, collecting significant gains that could signal a favorable future.
XRP Price Analysis
In this week, XRP picked up demand near the $0.50 level and started an upward rally. The token’s steady move took it to as high as $0.834 breaking through the major resistance at $0.8.
There was also a retracement back to $0.76 right after. However, it has again claimed back the $0.8 level.
The next major resistance for XRP this week is at $0.94. A break above this level will validate its run to $1. The odds of this price action playing out are more as the broader crypto market has revived. However, in case of a drop in prices, the support can be found at $0.77, further at $0.71.
The Relative Strenght Index has finally hit the overbought area. Large upward price surges occur in this zone. Expect prices to continue to rise as long as strength can stay above the overbought level of 70.
XRP – The Blockchain of Banks
Popular Analyst and Youtuber Ben Armstrong in his latest video makes a bullish case for Ripple’s wide adoption that is due. He says Ripple is set to collaborate with banks and improve their business with blockchain tech.
He also notes Ripple has various products designed to achieve their goal. The services are popularly Ripple Net and On-demand liquidity. As banks use the ODL network, they can use the XRP token as a bridge currency to streamline settlement times.
Not to forget, In the Ripple Vs SEC, Ripple has been making small wins against the regulator. Recently, the CEO Brad Garlinghouse has been granted a motion, requesting access to Binance documents. This can be a breakthrough for Ripple.
All of this makes a strong bullish case for Ripple’s XRP in the short term and long term. If the token is aided with the support of the broader market, it can skyrocket soon.
XRP Price Hovers Around $1! Here’s When XRP Might break The $1.5 Level ?
Bitcoin price is aiming for an upside break above $63,000. While Ethereum surpassed the $4,200 resistance, major altcoins are showing positive signs.
For quite some time, the price of XRP has been consolidating around $1. The range appears to be narrowing, and a breakthrough appears to be approaching.
XRP Price Action
After plunging below $1.10 XRP/USD is currently moving sideways to test support at the $1.04 level. At present, the support near $1 is holding well, and altcoin is testing the resistance at the $1.2 pivot level.
Meanwhile, a break above the pivot level may most likely take XRP/USDT price above the potential $1.25 followed by $1.30, and $1.35 resistance levels in case of an extended rally.
XRP to test resistance at $1.24, but clearing this will open the path to $1.43. In an extremely bullish market sentiment, the crypto could extend gains and retest $1.67 or $1.84, with a nearly 67% gain.
On the Downside, if the XRP price fails to hold above $1.2, the altcoin might drop to a $0.95 support level.
Sec Vs Ripple Deadlock
The current legal dispute that Ripple is engaging in with the US regulator continues to stymie the company’s favorable correlation with Bitcoin pricing. The matter is still pending since the court recently granted the SEC’s request for an expert discovery extension. This is a two-month extension.
The Ripple team isn’t happy with the decision, claiming that the extension will cause Ripple markets in the US to become even more frozen. Ripple alleges that practically all digital exchanges in the United States have stopped trading Ripple pairs, causing the token’s company to suffer “severely” and allowing Ethereum to overtake it as the second most valued cryptocurrency.
Investors are currently focusing their attention on other combinations that have the potential to deliver gains. Holders of the XRP token will now be looking for returns based on the pattern.
XRP Now Accepted by FRIETSHOP Wetteren Restaurant in Belgium
Ripple-affiliated XRP cryptocurrency is now accepted as payment in Belgian restaurant FRIETSHOP Wetteren as crypto adoption spreads wider
According to a tweet posted on the Twitter handle of the Belgian restaurant FRIETSHOP Wetteren, it started to take XRP as payment for meals on Monday.
XRP adoption slowed down by SEC’s legal suit
The tweet was shared by prominent XRP community member @MackAttackXRP. Thus, the adoption of XRP continues. This past summer, CoinDesk reported that XRP, as well as the two biggest cryptos – Bitcoin and Ethereum – would be accepted by Paraguay’s Universidad Americana as payment for educational courses and scientific degrees.
XRP adoption seems to be slowed down due to the legal suit brought by the U.S. Securities and Exchange Commission against Ripple Labs, as well as two of its highest ranking executives – the CEO and the co-founder – in December of last year.
In January, multiple crypto exchanges turned their backs on this cryptocurrency, suspending XRP trading. Among these exchanges are Coinbase, Binance U.S., Bittrex and Bitstamp.
The XRP community has been posting frequent tweets addressing Coinbase with requests to resume XRP trading, but the coin has not been reinstated on this platform yet.
Brian Armstrong supports Ripple and XRP
However, as reported by U.Today earlier, Coinbase CEO and co-founder Brian Armstrong has posted a series of tweets. In them, he expressed support for Ripple and XRP in the legal war against the SEC.
In August, the U.S. securities and exchange regulator threatened to take Coinbase to court as well, over the lending product the crypto exchange was readying to launch to the market.
The new app was meant to offer users a chance to lend their USDC to other users and earn interest on that. However, the SEC contacted Coinbase, stating that the new LEND app was an unregistered security (the same accusation leveled at Ripple over XRP) and threatened to sue the platform.
Armstrong then tweeted that the regulator had allowed multiple other crypto players to launch a similar product but threatened to sue only Coinbase. According to him, Coinbase is happy to comply with any clear law or set of rules in this sphere. However, the SEC has offered none and is ignoring Coinbase’s questions as to why the new crypto lending feature may happen to be an unregistered security.
Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC
The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency
Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.
In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”
Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”
The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:
The irony is that the people they are supposedly protecting are the ones attacking them.
XRP relisting rumors get a new life
Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.
The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.
As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.
Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.
The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN— Mike Novogratz (@novogratz) October 17, 2021
Coinbase’s run-in with the SEC
Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.
Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.
Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”
The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.