- Ripple is confident that XRP would be used by US banks for cross-border transactions.
- The analyst states that XRP is reciprocating its fluctuation during 2014-2017.
- XRP shows symptoms of another spike could hit $0.85.
After the resounding partial win with the U.S. Securities and Exchange Commission (SEC), Ripple is confident that the US banks will use XRP for cross-border transactions. The triumph over the long-lagging lawsuit came with Judge Analisa Torres of the Southern District of New York giving a watershed ruling which explained that XRP itself is “not necessarily a security on its face.”
Also Read: XRP Price Prediction
From the very moment that Torres gave out this verdict, XRP has been rising. During the past week, XRP gained more than 55% in value, and at press time it is worth $0.731. Moreover, Crypto Youtuber and technical analyst Crypto Rover tweeted that XRP was reciprocating its behavior from 2014-2017 in the 2021-2024 timeframe.
When closely considering XRP’s behavior in the 2014-2017 time frame, it could be seen making consecutive lower highs (symmetrical triangle) before spiking drastically. Currently, XRP seems to be making this same pattern as per the tweet, hence, Crypto Rover seems to be optimistic about XRP.
When observing the chart above, the three highlighted portions show how XRP spiked, and thereafter consolidated before plummeting. Considering the first two fib retracement highlights, XRP’s spikes crossed the 0.5 level, entered the 0.382 fib retracement level, and touched the 0.236 retracement level before falling down.
Since the current scenario can be considered XRP’s next phase of spiking, it could be expected to rise above 0.382 fib retracement which is $0.835. However, since XRP is retracing once it reaches this zone at 0.382, there may be some consolidation as the market tries to find an equilibrium. As such, buyers may need to enter the market before XRP actually spikes.
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