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Ripple’s Q3 report, 2021 discusses this ‘unprecedented’ development about XRP

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In order to make informed investment decisions, XRP investors need to consider the SEC vs Ripple Labs lawsuit in America, as well as the blockchain company’s activities in foreign markets. Ripple’s 2021 Q3 market report provided several insights about XRP’s global performance, after the crypto market crash in May 2021.

Be water, my friend

Team Ripple was quick to report the “unprecedented” growth of its on-demand liquidity [ODL], which let clients reduce their dependence on pre-funded accounts.

The report revealed,

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“Transaction volume (measured in dollars) over RippleNet has more than doubled since last year and ODL transactions are up 130% quarter over quarter. In Q3, ODL transactions accounted for ~25% of total volume. All XRP sales this quarter are attributed to the growth and adoption of ODL.”

Coming to the sales of XRP, Ripple noted that net purchases in the third quarter were $491.74 million. By comparison, this was $157.92 million in the second quarter.

But what will the future bring to the XRP ecosystem? According to the report, RippleX is looking into bringing federated sidechains to the XRP Ledger Mainnet [v1.8]. An announcement is to reportedly follow in November.

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Ripple, the globetrotter

The importance Ripple places on cross-border ODL is especially visible of late. The San Francisco-based blockchain company announced partnerships with the fintech company Pyypl in the Middle East, and the Al Ansari foreign exchange in the UAE.

Apart from that, Ripple is also working with public stakeholders and recently partnered with the Royal Monetary Authority of Bhutan for a CBDC pilot.

Coming to XRP’s on-chain insights, the report stated,

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“Last quarter, there were a total of 88.8M transactions on the XRP Ledger with $69.3B transacted via 74.5 billion XRP in volume. “

On a related note, the report announced,

“Lastly, in September 2021, Ripple officially made its final transfer of XRP to Jed McCaleb.”

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Even so, the report admitted that the third quarter was “weaker than average” with regard to XRP’s volume metric. XRP’s average daily volume reportedly declined by more than 50% during Q3. However, Team Ripple claimed this was the case for most digital assets at the time.

Letters from home

The SEC vs Ripple Labs lawsuit will continue even next year, as the court has pushed the discovery deadline to 14 January 2022. The SEC previously remarked on “robust” sales of XRP. However, Ripple hit back, claiming that its asset was lagging behind Bitcoin and Ether.

At press time, XRP was trading at $1.11.

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XRP explodes more than 44% from flash crash lows, move to $2 upcoming

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  • XRP price was annihilated during the Saturday flash-crash.
  • Massive recovery post-sell-off is likely a sign of reversing fortunes for XRP.
  • Follow through by bulls necessary to regain momentum higher.

XRP price action was sitting on the precipice of an impending flash-crash long before Saturday’s sell-off occurred. The price levels XRP hit for the lows were expected as well. A new uptrend for XRP is likely to start next week.

XRP price collapsed from $0.92 to $0.57 but managed to close at $0.85

XRP price is positioned for a massive rally post-flash-crash. The daily and weekly candlesticks have likely developed one of the most substantial bear traps in XRP’s history. FOMO will be piling into this cryptocurrency very soon, especially if XRP returns to the $1.00 value area.

Because XRP has already triggered the price levels previously forecasted, the move has been made, and XRP can begin its next leg higher. To do that, XRP price must first close at or above the daily Kijun-Sen at $0.98. To achieve an undeniable bullish breakout, XRP needs a daily close at $1.21. If $1.21 is reached, the projected target range is the $2.00 value area, followed by the $3.35 price level.

XRP/USDT Daily Ichimoku Chart

However, downside risks remain. XRP has the cloud of Ripple’s SEC debacle hanging over it, and any hints of continued uncertainty or a negative outlook for Ripple may weigh heavily on how XRP trades. The downside risk for XRP price is the 2021 Volume Point Of Control at $0.45.

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Ripple’s XRP Price Prediction in 2022 Based on a Crypto Analyst Report

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Ripple (XRP) is one of the oldest coins in the crypto space with the most insane rumors going around according to the crypto analyst, Michaël van de Poppe. He says he believes XRP will definitely have a big run as it did back in 2017.

He adds that XRP does not want to be just a payment system, it is building its own smart contract with a goal to create side chains and NFTs. He says that as the Ripple-SEC lawsuit is still in progress, he is very much interested to know what the outcome will be.

He adds that he expects the lawsuit to come to an end in no time and if eventually it does, it could trigger the market to start hitting up again. Although, there are possibilities that it will not.

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Michaël explains that the SEC lawsuit against Ripple was a result of price manipulation on the side of Ripple and insider trading. He affirms that XRP has made many millionaires back when it had a big run back in 2013, and another explosive between 2014 to 2015. But since 2017, it has not been doing too much except for fights on social media, criticism, negativity, and toxicity.

As per Ripple’s price action, Michaël says that the XRP market has been correcting for the past 4 years and it is facing a potential breakout once again. He continues that any reasonable target for XRP to rise in the market if a bull circle ensues will shoot up the price up to $2.87 and $4.33.

With this said, despite the current bear position of XRP in the past few days, some traders are still affirmative about a bull happening soon. At press time, XRP is up 6.83% and 0.8317 in the last 24 hours.

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Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow?

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  • Ripple price analysis is bearish today.
  • XRP/USD recovered 44  percent from the previous low.
  • Resistance was found at $0.85 overnight.

Ripple price analysis is bearish today as we expect another test of downside to follow after a strong retracement to $0.85. Since XRP/USD has formed consolidation overnight, we expect bulls to be exhausted, leading to another move lower later today.

Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours as the market recovered from the strong selloff on Friday. The market leader, Bitcoin, gained 3.53 percent, while Ethereum 6.85 percent. Terra (LUNA) is the top performer, with a gain of almost 40 percent.

Ripple price movement in the last 24 hours: Ripple recovers to $0.85, starts to consolidate

XRP/USD traded in a range of $0.7545 – $0.8638, indicating strong volatility over the last 24 hours. Trading volume has declined by 37 percent, totaling $3.78 billion, while the total market cap trades around $38.74 billion, ranking the coin in 8th place.

XRP/USD 4-hour chart: XRP looks to test downside today?

On the 4-hour chart, we can see the $0.85 mark preventing further upside over the past hours, likely leading to a retest of downside later today.

Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen a steady decline over the last weeks. From the previous major swing high at $1.35, XRP/USD has retraced over 55 percent to the $0.59 low, indicating that we might see a major reversal soon.

However, for now, the overall market structure is still bearish as we saw a strong drop lower on Friday. Support at $0.59 offered strong support, leading to a quick rejection higher Yesterday.

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The Ripple price action found resistance at $0.85 as it recovered over 40 percent by the end of the day. Overnight, XRP/USD consolidated, indicating we should see a reversal back to the downside later today.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we saw the $0.85 slow down the recovery. Therefore, XRP/USD is likely ready to test downside again, likely leading to a higher low set.

While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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