Ripple price returns to trend, XRP adds 48% with Bulls Target at $ 2.5
The ripple price it is trading at over $ 1.60, adding 48 percent week-to-date, outperforming BTC and ETH.
The arrangement of the candles strongly favor buyers. Two weeks ago, XRP prices had plunged, casting doubt on the validity of the uptrend.
Nonetheless, last week's rapid pullback puts XRP in third place, behind only BTC and ETH.
The SEC case – Ripple
Most of the rage for Ripple and XRP is due to the absence of a regulatory framework that helps in crypto asset classifications.
The SEC threw the wild card by suing Ripple and some of its executives made the situation worse. However, for fans of Ripple and crypto, the small gains are favorable for the entire space.
In recent weeks, American judges have been making calls in favor of Ripple, giving them an edge in court. Reflecting this, the price of XRP bottomed out before skyrocketing to point levels, a respite for headlines and projects.
Ripple CEO calls for regulatory clarity
Bradley Garlinghouse, the CEO of Ripple, is still preaching for regulatory clarity to allay fear and for general guidance if the United States wants to be a leader in blockchain.
Last week, he praised some Asian countries for the measures taken, telling CNBC's Squawk Box Asia:
Ironically, here in the US, they haven't provided the same clarity. It is the only country on the planet that has said that XRP is more than just a currency. The SEC has said… XRP is a security. And so we are now in an argument in court. So far, I feel good about how it went, but it's certainly frustrating.
Ripple price analysis
The path of least resistance is still north.
Judging from the candle arrangements on the daily chart, XRP price is up 48 percent week-to-date, but it was stable on the last day.
Technically, every low within last week's trading range can be a loading opportunity for Ripple traders.
In that case, a sharp close above $ 1.7 can trigger another load wave that can push XRP price towards $ 2.4 and $ 2.7, the Fibonacci 2 and 3,618 extension levels of the 2018-Q1 2021 trading range.
A reversal and losses below $ 0.80 can slow the bulls.
Chart courtesy of Trading View
Disclaimer of Liability: Opinions expressed are not investment advice. Do your research.
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