Ripple News

Xrp chart analysis: Bullish xrp/usd trend and reasons behind this move

Talking about mass adoption of cryptocurrencies, Ripple, the company behind XRP and the current 3rd largest cryptocurrency by market cap has been one of the most vibrant cryptocurrencies pushing through to the masses. The coin has also picked up a bull run, right after Bitcoin Cash which saw a similar run yesterday before consolidating.

The coin is currently trading at a 1 months high of $0.53, currently best performing top 10 cryptocurrency and the XRP chart is predicted it could test another run before consolidating.

Looking at XRP’s 12 hours chart, the coin took a bullish run and is currently trading at $0.53 as of press time indicating a 15.62% increase in the coin’s price. The big run for the coin began on November 5th when the coin succeeded in breaking the $0.46 resistance level.

The coin took a slight correction and is now gearing up for another run as the XRP chart just broke the BOLL pattern heading towards a divergence. This signifies that we can expect another run for the coin at a $0.51 support level.

With many predicting $1 for the coin should it keep up with current demands and buy orders, a more realistic prediction would be $0.60 should XRP break the current supply zone. However, a break from this zone could easily see the XRP chart take a bearish trend towards $0.40 as can be seen in the chart below by Crypto_terminal.

 

The coins price is highly influenced by recent developments that have taken place. Ripple recently made an announcement of opening a Dubai office. The UAE has indicated it’s commitment to having at least 50% of their financial transaction on the Distributed Ledger technology and Ripple currently stands as the best cryptocurrency to realize this.

“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”

Ripple, the Company behind XRP also recently put out a commercial where it indicated flaws our current financial systems.

What are your thoughts on this pattern, let us know in the comment section below.

 

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