Ripple (XRP) Price Analysis: Looming xRapid Launch Providing Some Support?
Ripple is finding support at a nearby area of interest after the recent drop, and a bounce could complete an inverted head and shoulders pattern. This area also lines up with the 61.8% Fibonacci retracement level, which also seems to be holding as a floor.
Price could head to the swing high near the .2900 mark from here and possibly complete the reversal pattern. A break past this neckline could spur a rally that’s the same height as the formation, which is around .0400 tall.
The 100 SMA just crossed above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse from here. Price is still below these moving averages, though, so there may be a degree of selling pressure.
Head of regulatory relations for Asia-Pacific and the Middle East at Ripple Sagar Sarbhai told CNBC in an interview that they could launch a commercial version of its payment platform xRapid “in the next month or so.” He mentioned:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
xRapid uses Ripple or XRP as a bridge between fiat currencies, enabling payment providers and banks to process faster cross-border transactions.
He also acknowledged that the regulatory environment for cryptocurrencies has been improving, citing:
“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.”