Ripple News: Drawing Parallels for XRP Price Action Over the Last Five Years

The post Ripple News: Drawing Parallels for XRP Price Action Over the Last Five Years appeared first on Coinpedia Fintech News

It is safe to assume that the ultimate test of Ripple is the long-term success of XRP in the trillion-dollar cross-border payment industry. The blockchain payment company is currently fighting for the legality of XRP as a digital asset commodity and not a security, as the SEC purports. The crypto firm is also improving the XRP liquidity by integrating with new partners and strategic acquisitions.

Meanwhile, the future growth prospects of XRP were significantly increased following the July summary judgment that argued exchange sales do not constitute an investment contract.

XRP Macro Price Action

According to a bullish XRP enthusiast, Egrag Crypto, there is a high chance that the XRP price action in the past five years is closely following the pre-2017 season. Using the four-month candles, the crypto analyst identified the support zone between 26 cents and 32 cents to be a solid foundation for the XRP price action in case of market capitulation. As a result, the crypto analyst expects the following central psychological resistance range to be between 80 cents and 85 cents.

A solid rally beyond 83 cents in the XRP price could trigger more bullish buyers who will help push the trading instrument beyond the FOMO zone. Notably, the crypto analyst expects XRP’s FOMO traders to enter the market after a retest of the ATH and above $2.