Ripple rises 18%, XRP prices consolidate although bulls have their eyes on $ 1.9
The price of Ripple it was up 18 percent in the last week of trading.
Too much, buyers of XRP They have a chance, they are confident and it seems likely that they will go even higher.
XRP liquidity increase
The basis for these gains would stem from the ongoing court case and positive news from Japan. For instance, Rakuten, which aims to be the next Amazon, is resuming XRP margin trading, citing stable conditions and better price discovery.
The exchange is backing XRP after months, indicating a possible change in conditions, making great strides to build confidence in the asset, and deepening liquidity.
The news is also in the midst of the exchange's plans, via its Rakuten wallet, to back cryptocurrencies to facilitate payments across Japan. Technically, market participants see liquidity as one of the determining factors for trading.
The more avenues there are, the deeper the currency's liquidity, and most likely, the greater the currency's upward pressure.
In the coming months, other exchanges, notably Coinbase and Binance U.S., notable ramps that halted currency trading for legal reasons, may soon resume XRP trading, a vote of confidence.
Ripple CEO is sure
Meanwhile, Bradley Garlinghouse, the CEO of Ripple, disdains the SEC's handling of the XRP case.
This has been clear from the start – the SEC’s lawsuit isn’t just about Ripple, it’s about what “… impossible standards of fair notice and due process” through regulation by enforcement can do to crypto innovation. "Anyone could be next without warning." 1/2 https://t.co/x3ltwMz8Y6
– Brad Garlinghouse (@bgarlinghouse) August 31, 2021
While emphasizing that anyone could be next, the executive said he was somewhat disappointed in how the agency had imposed "impossible standards of fair notification and due process."
Ripple price analysis
Ripple's price is relatively firm at the time of writing this article, adding six percent on the last trading day. Although it consolidated against the USD last week, the currency was up double digits the previous trading day.
Even so, Ripple traders are closely watching how prices will react in the $ 1.35 zone and August 2021 highs. A high volume, a wide close above this level, could trigger the next wave of demand that will lift the XRP coin to H1 2021 highs of around $ 1.9.
Accordingly, XRP bulls should hold prices at spot levels and reject attempts at lower lows below $ 1. Therefore, from this, each low can provide an opportunity for aggressive traders. of XRP rise on dips above $ 1.
Conversely, risky XRP traders can wait for a conclusive close above $ 1.40 before committing to immediate targets at $ 1.9.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.