Ripple Price Prediction / XRP price eyes higher high / What’s Happening With Ripple Today?

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daily technical analysis   and the latest news from the cryptocurrency world. The Ripple price is on the verge of flipping   a resistance into support which 
could trigger a massive bull run. The Ripple price action from late November 2018 
to date has formed an inverse head-and-shoulders.  This pattern is a bottom reversal 
pattern, and a successful breakout   hints at the start of a new uptrend.
The technical formation contains three valleys,   with the center one forming the head and the 
ones at the extremes are known as shoulders.  While the shoulders are of comparable 
depths, the head extends far lower.  The peaks of these valleys are all 
connected at the neckline.

In Ripple’s case,   it is a horizontal resistance level at $0.63.
This setup’s target at $1.09 is determined by   measuring the head’s depth from the right shoulder 
and adding it to the breakout point at $0.63.  At the time of Video Editing, the Ripple price 
pierced through the horizontal supply barrier   but hasn’t closed above it yet.
Supporting this bullish outlook   are the addresses that have been on 
an accumulation spree since January.  Whale addresses holding between 100000 to 1000000 
Ripple and 1000000 to 10000000 Ripple have   increased by 6.17% and 5.85% in that order.
This move represents that investors are   optimistic about the Ripple price and 
believe that it will appreciate shortly.  Santiment’s MVRV model for Ripple price 
shows that it is hovering around 14%,   suggesting that not many addresses are in profit.
Therefore, these market participants might   not be inclined to sell any time soon.
In early February, the 30-day MVRV model   was hovering around the same level and was 
followed by a 45% surge in the Ripple price.  All in all, the Ripple price 
looks primed for a bull run.  However, this upward move is dependent on bulls’ 
potential to produce a decisive daily candlestick   close above the neckline at $0.63.
Failing to do so might result in   a reversal of the bullish momentum.
In that case, the Ripple price could drop 16%   toward the 61.8% Fibonacci retracement level at 
$0.53.

If the sellers aren’t contained here, the   pullback could extend toward the shoulder’s bottom 
at $0.46 or the 50% Fibonacci retracement level.  A breach below this barrier will invalidate the 
inverse head-and-shoulders pattern and open the   path for bears to rampage.
In the interest of brevity,   The Ripple price approaches the neckline 
of an inverse hand-and-shoulders pattern.  A strong close above the neckline at 
$0.63 projects a 73% bull rally to $1.09.  If sellers prevent this scenario from evolving, a 
reversal in Ripple’s bullish momentum could occur.  Usually, legal troubles are bad news 
for stock prices and crypto assets.  Ripple, the native asset of the Ripple payments 
platform, is proving to be an exception.  After rising over 5% in the last day, the price of 
an Ripple token is now $0.60, and the market cap   is $27.9 billion, according to data from Nomics.
That's higher than where the price was before   the SEC filed a $1.3 billion 
lawsuit against Ripple Labs.  On December 18, 2020, four days 
before the suit, Ripple was worth   $0.58 with a market cap under $27 billion.
It’s been a remarkable turnaround for the   token, which dipped as low as $0.17 
after the SEC brought the lawsuit.  The SEC says that Ripple Labs, co-founder 
and executive chairman Chris Larsen,   and co-founder CEO Brad Garlinghouse, 
are responsible for $1.3 billion in   unregistered securities offerings Ripple 
being the unregistered security in question.

Broadly speaking, a security is an investment 
contract that signifies a stake in a financial   venture with the expectation of future profits. 
The SEC regulates securities sales in the US. In the wake of the allegations, several exchanges 
and trading platforms among them Coinbase,   Binance, Blockchain, Crypto and 
eToro suspended Ripple trading.   Ripple has also suffered setbacks; its 
partnership with MoneyGram ended in March   after the latter cited “uncertainty 
concerning their ongoing litigation.”  But Ripple and its leadership team 
have fought back against the charges.  It’s asked the court to force the SEC to 
turn over documents regarding the agency’s   examinations into Bitcoin and Ethereum, which 
have seemingly escaped the SEC’s scrutiny.  The agency has been tight-lipped about 
its approach to evaluating crypto assets.  Those documents could include mention of Ripple 
as a "virtual currency" rather than as a security,   which could boost Ripple’s case.
Or, armed with the agency’s criteria   for determining which crypto assets are 
securities, Ripple could argue that it   shares the characteristics of Bitcoin and Ether.
Ripple’s most recent price surge the token briefly   touched $0.60 in February before dipping 
to $0.41 two weeks later may signal that   investors believe the cryptocurrency, and the 
firm behind it, can survive the SEC’s case,   especially after stablecoin issuer Tether escaped 
a years-long New York Attorney General’s Office   investigation into financial fraud with an 
$18.5 million fine but no admission of guilt.  The coin's price may also demonstrate that the 
crypto market overall is just really, really hot.  However, it has increased in price at a faster 
clip than several other coins in the top 10.  According to Nomics, Ripple’s price has 
gone up 170% since the start of the year,   outpacing Bitcoin, Ethereum, Litecoin, and 
Chainlink among the top 10 coins in market cap.  Ripple traded 3.18% higher at $0.58 at press 
time on Monday after the company associated   with it Ripple Labs Inc said it acquired a stake 
in a Malaysia-based cross-borders payments firm.  What Happened: Ripple said Monday it acquired a 
40% stake in Tranglo which will allow it to “meet   the growing customer demand in the region.”
The partnership will allow Ripple to expand   the reach of its On-Demand Liquidity, which uses 
Ripple to send money instantly.

This, the company   claims, reduces the need for working capital.
“Tranglo will play a critical role in supporting   existing corridors, such as the Philippines, 
and introducing new ODL corridors within   its current network,” said Ripple.
Why It Matters: Tranglo has processed   over 20 million transactions which total up 
to $4 billion in value since its inception,   said Ripple, Bloomberg reported.
The announcement comes a week   after Brooks Entwistle, a former Goldman 
Sachs Group Inc and Uber Technologies Inc   executive became the managing director 
of Ripple’s Southeast Asian operations.  Ripple has risen 159.70% besting the returns of 
the apex cryptocurrency Bitcoin so far this year,   which rose 96.65% in the same period.
The rise of Ripple comes despite the fact   the company faces litigation from the U.S. 
market regulator the Securities and Exchange   Commission over allegations that Ripple conducted 
an unregistered $1.3 billion securities offering.

In December, Coinbase delivered a jolt to Ripple 
when it delisted the coin from its platform.  As it faced a lawsuit, Ripple claimed that Bitcoin 
and Ethereum were susceptible to Chinese control   as they are subject to a simple majority rule. 
The statement earned Ripple some backlash from   Vitalik Buterin, the co-creator of Ethereum.
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cryptocurrencies and other investment tools.  In this video references an opinion 
and is for information purposes only.  It is not intended to be investment advice.
Every investment and trading move involves risk,   you should do your own research 
while making a decision..

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