the weather in the crypto market is looking sunny as the market gets ready for another bull run yes you heard that right a bull run is back on the table again what does this ensure for ripple xrp prices is this the time to hold on to your xrp stay tuned and find out we are giving away 25 towards the end of the month to a random subscriber to help them start their xrp journey to enter the giveaway all you have to do is like the video subscribe to the channel and comment your thoughts on xrp in the comments section welcome xrp army help us grow the xrp lab community by pressing the thumbs up button and subscribing to our channel to understand and predict where alt coins like xrp would be heading we have to take a close look at the next move of bitcoin bitcoin was at a major low last month however the situation started looking up as the bitcoin price climbed from twenty nine thousand nine hundred ninety four dollars on july twentieth to forty six thousand seven hundred dollars as of august 10th this 59 increase seems to be coming to a close as the momentum reversal indicator or mri displayed a red one sell signal on the 12-hour chart therefore market analysts at fx street are of the opinion that we have to expect a possible minor pullback to the support level at forty one thousand three hundred thirty dollars or the one further below at forty thousand five hundred fifty dollars market analysts foresee a probable retracement the demand zone extending from forty three thousand one hundred fifty dollars to forty five thousand three hundred twenty one dollars recently did a flip this could mean that the downside movement would be stopped and the consolidation with that area will be produced whatever the possibilities btc indeed seems bullish and might continue to rally after a brief setback the bulls will probably target the resistance levels at forty nine thousand twenty four dollars and fifty thousand nine hundred fifty eight dollars if an increase in price ensues even with the existing bullish outlook a likely increase in selling pressure that pushes bitcoin below 37 241 dollars will negatively affect the uptrend and quash our expectations of a bull market since it would result in a lower low apparently ripple prices are also affected by the momentum reversal indicator that flashed a red one sell signal on the 12-hour chart this warning sign arrived after the xrp price failed twice to break across the 0.827 resistance barrier the resulting downtrend might reverse around 0.777 or fall down to 0.689 if the selling pressure increases the past week has however been favorable for xrp it formed a bullish flag last week after retracing from the 200-day ma resistance at the end of july the breakout of this flag pattern happened over the weekend which allowed xrp to propel through the resistance level at 0.781 dollars it has enabled xrp to surpass the july high and push through the 2020 high as of the 10th of august the 4-hour chart shows the previous bullish flag being surpassed over the weekend in the resistance which is supposed to be at the 2020 high can be seen more clearly as the prices have broken beyond this level today it is safe to assume that a new bullish trend is currently being formed in order to confirm this the daily closing candle must be above 0.8282 this is highly probable as xrp has been trading above the 82 cents mark ever since noon time if the xrp price closes above 0.8282 the first resistance lies at 89 cents the subsequent resistance levels are at one dollar one dollar and 12 cents and 1.25 cents now we all know about the lawsuit the sec filed against ripple that has been dragging on for a while financial experts everywhere have criticized the sec move and view it as an overreach by a regulatory body in 2015 the u.s departments of justice and treasury had recognized xrp as a currency but this did not stop the sec from filing a lawsuit against the company on a vague claim the sec accused xrp of being a security and not as ripple intended it to be a commodity the sec lawsuit alleges that beginning in 2013 ripple raised funds through selling xrp to investors in the us and abroad as unregistered security offerings in a seven year period from 2013 to 2020 ripple made a staggering 1.3 billion dollars by selling xrp tokens ripple was also accused of exchanging billions of xrp tokens for non-cash consideration including labor and market making services even with all these allegations on its plate ripple is moving forward as an innovator in the crypto market the lack of regulatory clarity in the us has not prevented the company from expanding its markets in asia and particularly japan asia pacific is one among the many fastest growing regions for ripple labs with transactions growing 130 percent every year japan has one of the highest cross-border payment fees in the world the world bank says that in japan you would have to pay an average cost of 10.5 percent for remittances ripple's first on-demand liquidity service launched on the 28th of july in japan allows firms to transfer remittances from one fiat currency to xrp and from xrp to another currency this move is followed by ripple's expansion in asia after acquiring a 40 stake in cross-border payments firm tranglow in march 2021 with the launch of this odl corridor ripple has undermined one of the biggest accusations by the sec that ripple has no utility now it is clear that xrp is not a security and has always functioned as a bridge currency it does not double up as a store of value and is exactly why it is not a security ripple has argued that the sec cannot regulate xrp as a security because it is a medium of exchange used for cross-border and other transactions according to a ripple market report the average daily trading volume of xrp has risen and has almost doubled to a value of 4.49 billion dollars in the second quarter of the year in the first three months of 2021 the average trading volume of xrp was recorded to be 2.26 billion dollars xrp's rising trade volume might likely reflect the general market sentiment as in the second quarter of the year the crypto market was dominated by a bull run led by bitcoin which had reached an all-time high of sixty five thousand twenty eight dollars in mid-april however ripple has made continuous advances in expanding the utility of the token and in the overall development of the xrp ledger xrp jumped 19 following the announcement of the odl service implementation in japan ripple had already made major strides in its market in southeast asia and in the asia-pacific region in general after partnering up with fintech companies like novati and trangload that facilitate cross-border and remittance payments earlier this year the ripple network has a larger institutional market adoption than most other crypto networks after the lawsuit ends we would be able to get more information on the merger between the imf central banks and ripple labs xrp is a very versatile exchange medium meaning the ripple exchange network allows you to transact with fiat currencies and other commodities like gold this means that xrp would be adopted as a bridging currency between different fiats by multitudes of financial institutions all around the world when this happens the value of one xrp token could easily go up from its current 80 cents range to a whopping 10 000 range it could without a doubt compete with bitcoin by hitting 35 000 this is not a very distant dream as ripple labs in the imf have already partnered up the company is also one of the few companies that seek to diversify itself in blockchain technology earlier in july ripple had announced its decision to invest in mintable the wheel known nft marketplace as the nft market and creator economies are ever expanding the high gas fees required to create nfts would discourage new participants mintable is a platform that has removed these barriers it is now facilitating low-cost sustainable nfts on the xrp ledger as of august 10th at the time of making this video the xrp price was 0.83015 xrp at the moment had a 24-hour trading volume of 3 804 eight thousand six hundred eleven dollars in the last 24 hours we have observed that there is a one point four five percent increase in value considering ripple's market cap the crypto is ranked sixth with the market cap at 38 billion five hundred thirty three million nine hundred thirty four thousand one hundred fifty five dollars do you invest in x rp let us know in the comments section below if you would like to know more about xrp we have got two more videos waiting for you on the end screen to check out make sure to subscribe to us and give this video a thumbs up thank you so much for watching till the end see you in the next video my friend kindly note that prices of cryptos frequently change so by the time you watch this video it might have changed to a whole different value the information provided in this video does not constitute investment advice financial advice trading advice or advice of any other sort and you should not treat any of the content as such the content in this video is for educational purposes only and hence should not be considered as financial advice do conduct your own research and consult your financial advisor before making any investment decisions [Music] you

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