XRP Potential Price Trigger Analyzed By Important Name In The Crypto Space
Ripple has been seeing a lot of success this year while boosting the whole XRP ecosystem and also pushing the mass adoption of the digital asset XRP.
XRP to see a pullback soon?
Crypto analyst Michaël van de Poppe thinks that Ripple’s native token XRP is ripe for a pullback after tapping a major resistance area.
He told his followers on Twitter that he’s looking for a retracement of over 27%.
It seems that he doesn’t expect XRP to take out a key level of resistance in the short term.
He said that XRP would have to break through a major barrier at around $0.32 to trigger the next big move to the upside.
Buy the dip zones: $0.212 and $0.245
Next resistance zone if this massive one breaks: $0.40.
I doubt we’ll continue rallying, but I will be very satisfied to buy the dip. pic.twitter.com/Cg94aqj4se
— Crypto Michaël (@CryptoMichNL) August 6, 2020
A follower responded with: “No way it will dip that much… see the bigger picture… the last one was due to corona… the worst pandemic in human history. Why the hell would it go down… I expect a small correction and then to the moon.”
At the moment of writing this article, XRP is trading in the green and the coin is priced at $0.299041.
Another important analyst agreed with Poppe and said that XRP’s rally on August 11th was a bull trap. He’s expecting to see a 15% correction.
— Cheds (@BigCheds) August 12, 2020
In other news, it’s been revealed that Ripple is planning to expand the use case a lot beyond streamlining cross-border payments while teaming up with various banks.
Brad Garlinghouse said they want to make Ripple the Amazon of the crypto world.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.