Naeem Aslam
Zaye Capital Markets
Ripple’s XRP has seen some phenomenal rally over the past two days especially the XRP price exploded yesterday. There is no doubt that XRP holders have been waiting for this moment and for this momentum for a long time and this is because XRP hasn’t seen its golden days since the price plunged from its all-time high. Other crypto coins such as Bitcoin and Ethereum not only passed their all their time high but they have more than doubled but XRP has been very much underwater.
So the question for investors is what can really push the XRP price? Well, to begin with, we still have that SEC case against XRP and as long as that threat keeps on looming, it will be very difficult to see a serious rally. What I mean by a serious rally is XRP’s price not only crossing the $3 price mark but going all the way to $5 or even more. The other challenge is that XRP needs to do some serious work on cross border payment system, the recent surge in XRP’s price is mainly because we have seen some positive news flow.
In terms of technical, we have seen the XRP’s price breaking out of its three-year consolidation pattern and this means that we could easily see XRP’s price going higher by at least another 50 cents and that means XRP’s price going to 1.30.
The information is purely for education purposes only and cannot be perceived as an advise.
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