XRP has become the face of legal transaction accommodation fiat currencies. Neither can it be mined, nor can it be used for direct transactions; they can only accommodate higher denomination currency transactions and are being used by leaders of the financial space.
XRP holds the 6th position among top cryptocurrencies but has the highest real-time value and use compared to the other six cryptocurrencies. Over the last seven days, a flood of green candles has escalated the price to a new 109 day high. XRP price finally breaks the consolidation faced by the upper limit of $1.28.
A market capitalization of USD 64 billion, with just 46% of the circulating supply. What most investors fail to consider is its still unreleased 54% coins. Another 54 billion XRP coins would quickly bring XRP among the top three cryptocurrencies. The steep angle of incline on XRP cannot be compared with any of the other six cryptos. XRP is up by 23% in the last seven days and 10.5% in just the past 24 hours.
Progress of XRP’s SEC lawsuit!
There have been some good developments in the lawsuit as the judge orders Ripple to present the 1 million slack messages from 22 custodians. Although it will cost Ripple around $1 million to furnish those records, it is bound by its earlier agreement where they agreed to produce the messages. Despite these developments, XRP has instead moved up by more than 20% in just a few days.
XRP Price Analysis
XRP becoming a projectile moving towards the upper atmosphere signifies the importance of investor’s belief in this cryptocurrency to rise. Moreover, even if all cryptocurrencies are turned into securities, XRP wouldn’t be impacted much since it cannot be mined. Let’s move ahead with the price analysis on multiple time frames.
XRP has finally received a boost to get out of its narrow consolidation zone, turning its upper consolidation limit into immediate support for the next leg of upside movement. This build-up helped XRP create a fresh three-month high, which has brought a great positiveness to this cryptocurrency.
XRP has immediate support at $1.28 followed by $1.08 levels, whereas the upside movement faces a resistance at $1.65. The psychological level of $1.50 is well within the achievable range, and given the drop in volumes concerning increased price movement $1.65 level should be tested within a month. The 30-day moving average comes around $1.15, which should be considered a base level to validate the sentiment in profit booking.
On technical indicators, MACD has not yet created a full-fledged bullish crossover. But investors shouldn’t wait for indicators rather be proactive in making entries and exits. On the other hand, RSI is trading above 65 levels despite hitting its all-time high, indicating a lot more potential to move much higher.
XRP has created a sustainable price action with a decent breakout after retesting the buying force twice. Finally, it managed to break the rejection levels in the wee hours of September 06 giving a new life to its bullish momentum. The best thing is retesting the breakout level before moving upwards. Back-to-back testing of buying force and going upwards gives an immense positive vibe about the possible future price action on XRP.
RSI is trading with huge volumes on hourly charts, but very large unusual candles would warrant an equal or smaller selling pressure. According to our XRP price prediction 2021, stay invested and watch out for 30 DMA, 50 DMA to assess further price action.