Ripple (XRP) has been bullish over the past few days. The coin linked to Ripple Labs continues to display positive sentiment. So, what will happen in the next period?
Ripple continues to receive support
XRP has gained significant value over the past few days. He has returned to the path of ascension. As we reported on cryptokoin.com, the Blockchain Association recently filed an application to support Ripple in the SEC and Ripple lawsuit. In December 2020, the US Securities and Exchange Commission (SEC) sued Ripple Labs for selling its native token XRP as an unregistered security. Detailing its support, the Blockchain Association used the following statements:
Securities laws do not understand that an asset that may have been issued as a security is no longer bound by any investment contract. This is a very important consideration when trying to apply Howey’s laws.
Meanwhile, Ripple’s latest earnings report also points to positive developments for XRP. According to the report, the company owns less than 50 percent of the total token supply of XRP. According to Ripple CEO Brad Garlinghouse, this is a turning point. Garlighouse said that Ripple has focused on XRP and XRPL for 10 years. He says the platform will gain strength as it becomes a preferred platform in the payment space and its real benefits emerge.
What’s next for XRP price?
According to analysts, XRP’s recent bullish candles are indicative of the first phase of a strong bull run. Last month, XRP gained more than 60 percent, adding a bullish mood to its community and investors. According to the data, XRP is currently changing hands at $0.46, down 1.5 percent. The daily price chart of XRP shows that the coin is consolidating between $0.54 and $0.42. In addition, the trading volume of XRP has also increased, according to the data. This showed the potential for future upside.
However, the current uptrend may be forming a counter-pattern to the downtrend. If XRP breaks the immediate resistance level at $0.55, it will reach the upper limit of the Bollinger band at $0.67. If XRP stays above $0.66, the uptrend continues. Then it reaches $1. On the other hand, according to analysts, the RSI continues to trade above the 50 level. This shows the bullish zone for XRP in the coming weeks.
However, a downtrend is likely if XRP fails to follow the predicted pattern. XRP is at risk of falling to $0.34, with a 30 percent selloff from its current price. According to analysts, the lower limit of the Bollinger band is $0.42. Below this, XRP experiences a sharp decline. It is then traded at $0.3.
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