Incredibly Rare Bullish Pattern Forming for XRP Price: Can Ripple Explode Above $100?
XRP is approaching its third bullish golden cross in history, which could lead to significant price surges, according to popular analyst Egrag Crypto.
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Posted 8/23/2023, 6:21:38 PM
cryptopotato.com
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Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
Linda P. Jones, a former Vice President at Morgan Stanley, draws parallels between the current trajectory of XRP and the early stocks of tech giants Microsoft and Apple, emphasizing the potential for significant growth in the digital asset market.
XRP, Litecoin (LTC), and Stellar (XLM) show signs of potential recovery despite the cryptocurrency market decline, according to data from Santiment.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
Dig Perspectives, a prominent figure in the XRP community, is more excited about XRP becoming a world reserve currency than achieving a potential $25 price surge. This challenges the conventional discourse surrounding cryptocurrencies, and while some experts are skeptical, Ripple CTO David Schwartz is more optimistic about digital assets challenging the dominance of the US Dollar as the world reserve currency.
The global digital assets market, including cryptocurrencies like XRP, is projected to account for up to 10% of all assets by 2030, potentially reaching a valuation of over $14.5 trillion, driven by factors such as the growing adoption of cryptocurrencies, stablecoins, and central bank digital currencies, as well as regulatory certainty and institutional investor interest. Pro-XRP analysts suggest that XRP could become the next big thing in the financial market, with the potential for significant returns, especially considering Ripple's efforts to expand its use cases and accommodate tokenized assets.
Crypto analysts predict that the price of XRP may reach $0.60 after the SEC's change in strategy regarding Ripple Labs, with data suggesting that large XRP investors are preparing for a potential price rise.
The State Bank of Pakistan mentioned XRP in its annual financial stability report, acknowledging its role in facilitating cross-border payments and highlighting its potential benefits in enhancing financial inclusion, although it also acknowledged the risks associated with cryptocurrencies such as money laundering and terrorism financing.
South Korean investors in their 20s show a preference for investing in XRP over Bitcoin and Ethereum, with 20.7% of their investment portfolios allocated to XRP.
XRP has the potential to revolutionize cross-border payments and has gained partnerships with over 100 financial institutions, while also being utilized for various other projects such as tokenization and decentralized finance.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
Prominent cryptocurrency figure Ben Armstrong shares a video update highlighting the importance of XRP, emphasizing its nature, functionality, transaction efficiency, community engagement, diverse use cases, and the clarity of its regulatory status in the US.
During the summer crash of 2023, the top 3 cryptocurrencies with big potential are Ripple XRP, Cardano ADA, and Shiba Inu SHIB.
XRP20, the yield-bearing 'XRP on Ethereum' coin, is benefiting from rumors of a potential listing on Robinhood, following its successful trading debut on Uniswap, with 23 billion tokens staked and locked liquidity of 71% for one month, making it an ideal buy setup for potential gains.
XRP's trade volume has surged on top crypto exchanges, despite its recent decline in price, while other altcoins are struggling to reach their yearly high trade volumes.
Peersyst Technology, a core developer of the XRP Ledger (XRPL), has announced updates for the XRPL Ethereum Virtual Machine (EVM) sidechain, including compatibility with MetaMask, bringing it closer to its mainnet launch.
The price of XRP is declining as investors sell off their holdings, with a significant whale transferring 29 million XRP to a crypto exchange, possibly indicating a sale of their assets.
XRP community figure anticipates a yearly surge for XRP, drawing parallels to Bitcoin's price movements and expecting a breakout in 2024 or 2025.
Millions of XRP have been transferred to the Bitstamp crypto exchange as the price of XRP searches for a bullish trigger and remains in a consolidation phase.
Western Union is embracing cryptocurrencies, particularly Ripple's blockchain technology and XRP, as it recognizes the potential of digital money to revolutionize the financial industry.
XRP gained 1.43% on Friday, despite the negative influence of a hawkish Fed chair speech, with investor hopes of a Robinhood listing and a favorable SEC ruling driving price support.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
The XRP price is currently in a bearish trend, with a potential downward breakout from the bearish pennant pattern leading to a further decline in price; however, a bullish breakout above the upper trendline could trigger a significant rally.
XRP is seen as a resource for network capacity consumption on the XRP Ledger (XRPL), according to Wietse Wind, founder of XRPL Labs and Xumm, challenging the notion that it operates as a gas token with auction-style bidding.
Crypto expert Ben Armstrong recommends XRP, Chainlink, and Dogecoin as the top cryptos with potential for significant growth in the market.
Ripple (XRP) may experience a price increase of 14,200% to 71,400% in the next 4 to 7 months, according to a prediction by Wells Fargo's Treasury Management officer Shannon Thorp, while Dogecoin (DOGE) has seen a decline in value but still has potential, and Pomerdoge (POMD), a meme coin with more utility, aims to surpass Dogecoin's position.
XRP is experiencing a significant increase in on-chain volume and development activity, while Bitcoin's recent dip is attributed to fear, doubt, and uncertainty surrounding the potential rejection of spot market BTC exchange-traded fund applications, according to Santiment.
XRP speculators have increased capital inflows in anticipation of a potential price trend reversal, with both the derivatives markets and whale investors showing optimism for a bullish reversal above the $0.55 resistance.
Large traders in the US drove buying demand of XRP after Ripple's court victory over the SEC, with Coinbase experiencing stronger levels of buying, according to digital asset research firm Kaiko.
XRP and Solana, despite experiencing significant losses over the past 30 days, are showing potential for a comeback due to important catalysts such as court rulings and partnership agreements with major institutions. Both cryptocurrencies have strong underlying value and growth prospects, making them bullish investments.
Ripple (XRP) price consolidation may be followed by an imminent rally fueled by rumors of Blackrock's integration of XRP in its crypto expansion strategy, as indicated by on-chain data and trading sentiment.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
The trading volume of XRP, a cryptocurrency, has surged since the start of 2023, surpassing other altcoins, following a court decision declaring it not an unregistered security, resulting in its relisting on major US exchanges; however, XRP's price has decreased from its peak in mid-July.
Crypto strategist Michaël van de Poppe believes that XRP, Chainlink (LINK), and the controversial altcoin Worldcoin (WLD) may present trading opportunities, with XRP potentially rallying above $0.70, LINK potentially reaching $8.59, and WLD offering short-lived rallies.
The XRP price outlook is bullish as the asset tests the supply zone at $0.5174, with the possibility of a settlement in the SEC vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse's criticism of the SEC and Chair Gary Gensler contributing to the altcoin's recovery.