Created by Ripple Labs Inc. back in 2012, XRP coin has shown a rather disappointing price action for investors and traders of the crypto market. XRP remains in the top ten circulating supply giants of the digital currency market, but newcomers Solana (2020) and Binance Coin (2017) far surpassed XRP prices and loyal fans are asking if XRP will ever break out of the current range.
Originally available only through an exchange, online brokers added XRP to their instruments list in 2014 as an alternative to stock market trading. Through a trading account, clients could easily access the famed crypto, but as the Bitcoin price rocketed and dozens of altcoins followed, XRP barely moved, and traders kept their focus firmly on BTC..
One possible contributor to the lack of movement was that Ripple Inc founders owned a sizable amount of ICO from the very beginning, and when rumours circulated that a rise to $10 would trigger a corporate selloff, buyer stepped back.
XRP price made a short-term splash in December 2017 reaching an all-time high of $3.84, but fell when the cryptocurrency prices crashed in the following January, finally settling into a long and eventless range of $1.20 to $1.40. Nobody knew whether to buy or sell, so traders turned their attention to new and rising stars.
Even today, it’s still one of the most famous Crypto brands out there and ranked seventh by market cap. It’s been around for almost a decade, and it seems to be going nowhere… or is it?
XRP is back on the radar of professional traders as recent technical analyst forecasts a solid rise in 2021 Q4 by as much as 40%. Chart analysis experts from several sources point to prevailing symmetrical triangle patterns, clear Fibonacci retracement levels, and a Momentum Reversal Indicator (MRI), all showing the same forecast. The signals are there, and many analysts believe the $1.27 is the barrier to break.
Adding to that, media covering the SEC vs Ripple battle are now favoring Ripple to win. Judge Sarah Netburn granted the SEC’s request to extend the expert discovery deadline to January 14. The SEC continues to struggle to produce anything that supports their claim that XRP transactions were illegally promoted and sold as a security.
If Ripple win against the SEC, the crypto world will see a new precedent that will set the stage for years to come, and this recognition will probably pump up XRP sentiment and prices immediately after the victory.
Combining both technical and fundamental analysis on an over-consolidated instrument is always a trading strategy worth considering, especially with an instrument that is long overdue for a rally. Long term XRP fans are once again optimistic, with expectations of price movements that will create far more than just ripples in the crypto world. Analysts are throwing around numbers as high as $1.77 in Q4, but this might only be the beginning.
If XRP’s technical signals and the positive sentiment around Ripple cause demand liquidity to increase, it could become a powerful launchpad that big investors have been waiting for? If the pump & dump crowd investing in cryptocurrencies jump on the XRP train and further hype up the price, then the sky may well be the limit for XRP in 2022 and beyond.