XRP Could Rise By 72 Percent
Cryptocurrency Ripple is experiencing another upswing, receiving support from the community
In social networks, as we have already written, the "RelistXRP" tag has become popular. Users want the exchanges to flip through the XRP token. This is due to the ongoing litigation between the founders of the project and the SEC.
During the proceedings it turned out that the regulator has no claims to the exchanges on which the XRP coin was traded smartly and continues to trade. There are questions only to the founders of the project.
Despite this, although the exchanges received the green light, no major company that delisted XRP in early 2021 has yet responded to the news. That's why users launched the "RelistXRP" campaign on social networks.
What are the prospects for the token?
Ripple is constantly in sight. The price of XRP corresponds to retail demand and fluctuates in response to positive news and activity in social networks. Recent positive news caused the cryptocurrency price to rise by 25%.
The coin broke the barrier of $0.62, but could not break higher. The "head and shoulders" model was formed on the chart. This pattern predicts an increase in the price of XRP by 72%, which corresponds to the indicator of $1.08.
According to analysts, another positive event is enough, which will cause the price to rise above the current resistance level of $0.62. FOMO will play its role, and investors will support the new wave. It's quite likely.
As the statistics show, after the boom "RelistXRP" increased the activity of communication of professional traders. So, if social activity will increase, the value of the coin will follow the high.
The goal of cryptocurrency growth at the moment is $1.08. However, on the daily chart you can see the trend reversal indicator - a signal of "pre-emptive maximum price." The recent increase in the price of cryptocurrency by 28% is coming to an end.
In the future, either a new wave of cryptocurrency price growth will begin, or the cost of XRP will fall below $0.40, and this is unacceptable for the upside-down "head and shoulders" pattern. This may be followed by a $20 drop in the value of the cryptocurrency to $0.37.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.