The absence of volatility in the XRP market has prevented huge price movements in recent days, although it has drifted in either direction in response to broader market trends. While XRP has been consolidating quietly for the most time. Ripple has been making moves towards developments and collaborations that will surely pump the price up.
Popular Crypto trader and Youtuber Ben Armstrong in a recent video made his case for XRP. He explains why stacking up on XRP right now could be a great opportunity to make money.
The analyst makes note of how Ripple has been making great moves recently. To list, Ripple hired the former Mastercard Executive Sendi Young. He would oversee strategy and champion the expansion of Ripple’s global financial network technology.
Ripple also made a huge investment in Mintable, an Ethereum-powered non-fungible token (NFT) platform. Armstrong further said, they are making moves to push the space forward because they know the role they are going to be playing.
The third major move he mentions is Ripple’s approx $100M investment in a Brazilian bank. This indicates that XRP is trying to get into the South American market. The said bank has connections back to many of the other banks’ Ripple Labs is already working with.
He further says, According to his sources, central banks seem to be getting ready to use XRP once the lawsuit of the U.S. Securities and Exchange Commission (SEC) against Ripple Labs has been “cleared away.”
“The banking cartel has decided that they want XRP to be the token, to be the payment settlement coin of the central banking system.”
Lastly, Armstrong says, Ripple is building up its momentum by making all these moves. So in a post-SEC lawsuit timeframe, they can get back into some serious price action.
XRP Price Outlook
The Xrp price is now attempting to break out of a large bullish falling wedge pattern. For the past 45 days, the bullish falling wedge has kept the price in a downtrending consolidation. Bulls are currently attempting a breakthrough, and if successful, XRP will have a good chance of hitting $0.80 in the near future.
Bulls must push through a significant resistance zone. This is an 8 cent zone, with prices ranging from $0.699 to $0.787. If the price can break through and hold this level, a positive trend for XRP will be confirmed.
The price will further move towards its two target ranges of $0.90 and $1.03. If the breakout is halted by bears, XRP will find support at $0.63 and $0.575.
Support: $0.63
Resistance: $0.70
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