XRP Analyst Notes How It Can Reach Its All-time High Within Two Months

XRP’s price can break its all-time high, according to an analysis by Credible Crypto, a technical analyst, via YouTube a few hours ago. They forecasted a sustained upward rally for XRP.

To get to this forecast, he used the Elliott wave theory. It is a method used by experts for technical analysis that looks for recurring long-term patterns regarding ongoing changes in the usual behaviors of investors, sentiments, and their psychology.

As the analyst noted, after XRP’s consolidation in the $0.24 range, there was a strong and sudden upward rally, which he expected would happen. When the first wave happened, the price of XRP rose to $0.33 and consolidated in the region of $0.21 shortly after. On the other hand, when the third wave began, Credible Crypto analyzed it as follows:

“I mentioned that the minimum target for the major third wave will be around $0.63. We have hit that minimum target, and now we can definitely go higher than one Dollar. This is the next major area of resistance. Then I am expecting some sideways movement before wave four, before a major wave fifth which could absolutely extend.”

Credible Crypto also said that, currently, it is not an ideal time to sell XRP yet. Considering the previous movements of its price and the current sentiments regarding the market, he believes that the chances of XRP’s price will increase tenfold next month are high.

Although, he also attributed this possible explosive growth depending on the price of Bitcoin. As seen before, each time that Bitcoin broke through its all-time high, other cryptocurrencies and altcoins would reach their all-time highs within the next two months. The analyst had this to say regarding this:

“In prior times, Bitcoin broke an all-time high, the altcoins typically reached their all-time highs within two months. What that means is, as you already know from the first part of the video, I am expecting Bitcoin to break its all-time high with the next week or two weeks […] I suspect XRP to break its all-time high within the next one or two months after Bitcoin breaks its all-time high.”

Although, Credible Crypto also pointed out that in the Elliott wave theory, it will take five weeks for a parabolic rise to happen. As of today, the third wave is yet to be completed. He expects XRP’s price to peak at $1.00, and it has to overcome a strong resistance once it hits the $0.90 region. After that, there is a chance that a stronger correction at $0.78 would happen for the fourth wave.

The analyst currently recommends and puts the “buy the dip zone” at $0.3761 to $0.4183, but he doesn’t think that there is a guarantee that XRP will drop to this zone again. The current dip to $0.45 may already be the bottom for XRP. Also, a price breach that will drop it to $0.33 is even less likely, although the entire chart pattern will be invalidated if this were to happen.

Credible Crypto is a well-known XRP bull and has predicted the price of XRP would increase by more than 1000% in his previous analysis. These predictions would put XRP’s price around the $25 to $30 region. As of writing, XRP is trading at $0.62, a 13% rise within the last 24 hours. The monthly chart shows a huge increase of around 157%.

XRP’s Price Has Recovered 20% As Crypto Bounce Back From This Week’s Drop

XRP, the third-largest cryptocurrency with a market cap of $29.14 billion, has recovered from this week’s crash when it hit $0.64 today. This is a 20.62% increase compared to yesterday’s price, according to CoinMarketCap’s data. XRP is now the latest cryptocurrency to recover from the sudden market crash this week.

XRP’s price has increased from last week’s $0.36 by 57%, which made it the third-best performing cryptocurrency for this week, right after Stellar and Horizon. However, XRP was the best performing coin, and it increased the most out of any other cryptocurrency in the previous week.

This increase in price and performance is a newly entered territory for XRP. It has only been five days since it passed $0.50 for the first time since it last peaked in 2018. And in these last days, its price has been experiencing numerous up and downs.

On November 24, XRP’s price has nearly hit $1 but immediately crashed by 20% on the next day. This downward trajectory had continued the day after, November 26, when it dropped below $0.50 at 16:44 UTC. It recovered and regained strength soon after and rose again above $0.50 at 20:14 UTC.

Bitcoin, currently the largest cryptocurrency by market cap, increased by 5.67% to today’s price of @$17,674 in the past 24 hours. This week, Bitcoin’s price experienced a 5.43% drop despite almost reaching its all-time high as well.

Meanwhile, Ethereum, currently the second-largest cryptocurrency, has experienced an increase of 6.22% to $539. It is close to its weekly increase of 1.36%. This is a promising increase for the cryptocurrency.

The market for cryptocurrencies has experienced a volatile week, and they have slightly recovered from the huge nose dive that their prices have gone through. The market cap for cryptocurrencies has increased by 7.15% over the past 24 hours, which means that its overall market cap has reached $527.83 billion.

S&P 500’s fall from its all-time high and the Dow Jones’s retreat below 30,000 basis points also happened at the same time as the crash that the market for cryptocurrencies has experienced earlier in the week.

Ripple Is Poised to Succeed Even if XRP Is Declared a Security Says CEO

Ripple CEO Brad Garlinghouse spoke to the Morgan Creek Digital co-founder Anthony “Pomp” Pompliano in an episode of the Pomp Podcast. In this interview, among the questions Garlinghouse answered touched topics about the U.S. regulatory environment, the company’s possible migration outside of the U.S., and a pressing issue regarding the company’s current state: the possibility of XRP being classified as a security.

In the podcast, Garlinghouse emphasized the “frustrations” that the U.S. regulatory authorities may have regarding their stance on their coins and other cryptocurrencies. He cited a Justice Department report that tried to unify the views of the regulatory authorities. Garlinghouse said that at least seven different positions were cited in the report. A possible demonstration of the lack of unity regarding their criteria on the matter.

In operational terms, Ripple, the company that holds the third biggest cryptocurrency in terms of market share, has around 150 potential investors in the United States that require regulatory clarity before they can begin using the company’s product that will leverage XRP. This is why Garlinghouse believes that Bitcoin and Ethereum, the biggest and second-biggest cryptocurrencies in the market, respectively, have an unfair advantage as the U.S. regulatory authorities classify them as commodities.

Ripple’s CEO also believes that China is the biggest winner because the Chinese Communist Party “controls these technologies.” When asked about the chances that China will make a 51% attack on Bitcoin’s network in the podcast, he readily responded with “of course.”

When asked if he was worried about the possibility that XRP will be classified as a security, he wasn’t concerned. Ripple would still be able to exist if this materializes. This is because most of the payments that the solution company’s customers using XRP are not done in the United States. Garlinghouse also said:

“It’s my very strong opinion that it’s very hard to look at XRP as a security. You know if XRP were deemed a security here in the United States that, you know, we have other G20 markets that have taken a different view. I’m not aware of any market globally that thinks that XRP is a security.”

The company currently has a pending lawsuit, which was filed by its early XRP ICO investors claiming that they incurred losses caused by Ripple. This is why they are attempting to have XRP classified as a security for them to obtain monetary compensation for their alleged losses. However, Garlinghouse said that if XRP is classified as a security, they could still continue operating with a license in the United States and continue expanding outside the country.

XRP and Other Cryptos Dive As Their Red-hot Rally Comes to a Sudden Stop

XRP’s, the world’s third-biggest cryptocurrency, value has dropped by 20% on Thursday. This happened at the same time as Ethereum, the second-biggest cryptocurrency, dropped by 13%, and Bitcoin, the biggest, slumped by 13%, reaching its lowest since November 16.

This has happened after bitcoin rallied around 140% this year to reach a three-year high of $19,521 on Wednesday, shy of its all-time high of $19,666. A growth that has been fuelled by the boom in interest of new investors in cryptocurrencies since the pandemic left people on their homes in March of this year.

Since the pandemic started, Cryptocurrency believers enjoyed the soaring price of Bitcoin and other coins. They interpreted it as heralding evidence that mainstream investors are now becoming more convinced by the possibility of profiting from non-government regulated currencies.

This drop may have been caused when more investors started second-guessing the cryptocurrency’s recent surge and profit-taking towards the end of a volatile week.

Bitcoin’s 12-year history has been riddled with big gains and equally large drops. Its volatility has been why the currency’s use for payments has been hampered and made many larger investors more cautious.

“Bitcoin [is] giving us a timely reminder of the two-way risk that comes with volatile cryptocurrencies,” said Craig Erlam, senior market analyst at Oanda.

Analysts said that crypto investors were likely taking profit after Bitcoin neared its all-time high. At the same time, others speculated that this might have been caused by a tweet from Coinbase chief executive Brian Armstrong that triggered the sudden drop.

In his tweet, he said: “Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects.”

The U.S. Treasury Department is yet to issue a reply to a request for comment regarding the matter.

Other analysts and investors cited worries about market players’ surrounding speculation because of tighter U.S. regulation of how individual investors keep their cryptocurrencies. And, Bitcoin has reacted volatilely in the past to these measures by American authorities.

Last month, U.S. prosecutors filed criminal charges on four founders and executives of crypto derivatives exchanges BitMEX for allegedly evading rules designed to stop people from laundering money.

Ripple’s XRP Adds Bank of America to Payment Networks and Expands its Remittance Markets

Ripple, on its recently updated website, disclosed that Bank of America, a leading American bank, is now among the payment networks of RippleNet, known for the startup’s global payment network of banks and one of the leading financial institutions and arch-rival of the SWIFT network.

Ripple, the fast-growing fintech company, gave insights into its steadily growing membership of leading financial firms using its improved payment network.

“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions. It creates a community, regionally and globally, where members can learn and share insights, and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”

Recall as well that some time ago, a published report about how Ripple disclosed that its global payment network, RippleNet, is already available in over 50 countries and five continents. These include the US, Mexico, Europe, the Philippines, Australia, and, more recently, Nigeria.

Also, Bitso, with their partnership with Ripple, is delivering great services to Mexican businesses and retail customers as well. They are helping to solve the numerous difficulties that have been experienced by the people who have tried sending money outside of Mexico.

Bitso is already the largest exchange in the Latin American region. They reportedly have the largest liquidity of Mexican pesos converted to digital assets. They are also doing their best to boost further the financial access to XRP cryptocurrency in more parts of Latin America, a large underbanked population, with their partnership with Ripple.

It is difficult and expensive every time it becomes necessary to pay a large global supplier using traditional methods. This becomes even more of a problem for retail customers when they need to transfer the money.

Since Ripple remittance markets are expanding to new corridors, the need for these services will boom for migrant families. This is why RippleNet’s services are being targeted to a family whose rent, groceries, and educational costs depend on foreign remittances from their relatives who are working abroad.

Ripple’s XRP Grows by 70% as Bitcoin Investors Flock to Smaller Cryptocurrencies

Ripple’s XRP, the third biggest cryptocurrency, has grown as much as 70% percent on Tuesday after extending a rally that has been ignited by the mass interest in Bitcoin.

XRP’s value has risen almost four times since the pandemic started – making gains alongside Ethereum and Bitcoin, with bitcoin rising by 4% to a near all-time high of $19,241 on Tuesday.

“XRP has been a speculative investment for a long time. There have been many partnerships announced but few practical applications.” Said Michael Anderson, the co-founder of DeFi venture capitalist Framework Ventures.

Thanks to Bitcoin’s rally this year, which has been partially driven by its fame and reputation as an excellent inflation hedge, other cryptocurrencies are also experiencing unprecedented growth. The most popular cryptocurrencies have gained value thanks to the momentum over the last week. Bitcoin, the most popular cryptocurrency, has gained 8%, and Ethereum, the second most popular, has gained 30%, but XRP has led this growth after growing by a staggering 70%.

The investors pouring their money into Bitcoin, Ethereum, Ripple, and other cryptos are looking to capitalize on the central bank rush to digitalize currencies, especially the European Commissions. ECB (European Central Bank) president Christine Lagarde has previously announced that the bank is currently seriously considering a digital euro.

Ripple’s name plays two roles, as a payments exchange and a currency. Ripple designed XRP with the main aim of performing inexpensive, scalable, speedy, and flexible alternative transactions that will make the crypto “extremely useful” for payments.

Ethereum, the second-largest cryptocurrency in terms of market capitalization, rose above $600 this week – a two-year high head thanks to a major update to its network to address scalability and security. This platform’s network upgrade is expected to usher in a new decentralized finance product that will create alternatives to traditional finances that are high in demand. This also explains the large increase in valuation, says Anderson.

As for bitcoin, any rush to reach past $20,000 and profit-taking comes after that. “[It] isn’t a bad thing; it is healthy for the market to push on further.” Said Rich Rosenblum, head of trading at crypto market maker GSR.

“It will clear the way for more investors with long-term outlooks to enter for the first time, and for existing holders to add to their allocations. There is still a lot of capacity among retail and institutional investors. This price action is arguably the first step of a bull market that is ready for new levels of capital not seen in digital assets,” He also said.

Ripple’s XRP and Ethereum Prices Are Exploding As Interest in Bitcoin Grows

Bitcoin is steadily growing its reputation as an inflation hedge and it boosting the prices of other cryptocurrencies. The second largest cryptocurrency platform in the world, Ethereum, has risen by 6% to $597 on Monday, the highest it has been since mid-2018. And, the value of Ripple’s XRP is also expected to rise significantly, prediction says.

Ethereum is yet to reach its all-time high record of about $1,500 from January 2018, but its price has increased by four times since the pandemic brought global money markets to a sudden stop on March of 2020. Its smaller rival’s, Ripple’s XRP, price has also doubled since the start of November.

The sudden price surge of cryptocurrencies could be explained in large part due to Bitcoin’s massive rally this year. The digital token’s value has increased by 160% on the year and is trading at around $18,632 on Monday, nearly the highest it has been for three years.

While the value of both cryptocurrency assets have gone up massively, their market capitalization still cannot compete to that of Bitcoin. Last week, Bitcoin has reached its all-time highest value at $336 billion last week, while Ethereum currently represents just about $40.6 billion in market cap, and Ripple Stands at about $48.5 billion.

Michael Sonnenshein, the world’s biggest crypto fund Grayscale Investments’ managing director, said in an interview last week that he believes that Bitcoin is the next step in the evolution of money.

As the pandemic continues to force a huge majority of the world’s population to stay indoors, people are spending relatively more time online, and they are probably getting more interests in different cryptocurrencies like Ethereum, said Bernard Meyer, a senior researcher at CyberNews.com.

“But because it’s all so technical, they’re probably investing in these cryptocurrencies without really being certain of what they’re doing – which can lead to a lot of mistakes and money lost,” he said.

In the past, several high-profile hacking and security breaches have caused millions of dollars’ worth of cryptocurrencies, such as Bitcoin and Ripple’s XRP, to be stolen on various platforms. As much as security across these major trading platforms have tightened up, new cryptocurrency buyers, especially of Ethereum, should make sure to familiarize themselves with the smart contract of their tokens.

Investors absolutely have to check the type and terms of their smart contract that they will be using and whether it has been audited and verified, to limit and decrease the chances of something going wrong.

Ripple & PayPal: Why PayPal Is Not Supporting Ripple’s XRP

United States – As the famous US global payment service PayPal has entered the world of cryptocurrency, many customers are asking why it does not accept Ripple’s XRP. Currently, PayPal accepts over 26 million merchants and the leading digital asset with the best mainstream exposure is Bitcoin.

Over 346 million PayPal users now have the option to use Bitcoin in trading. Despite Ripple’s recent growth, the company needs to catch up to receive recognition from PayPal.

Currently, PayPal users can only hold Bitcoin and Litecoin cryptocurrencies. However, they cannot transfer it to other accounts on and off PayPal. Many critics claim that the company will remain tight-lipped on the matter.

Crypto enthusiasts wonder why PayPal has skipped the fourth largest cryptocurrency now that it accepts other virtual currencies, such as Ethereum, Bitcoin Cash, Litecoin, and Bitcoin.

According to the latest interview, PayPal relies on the Securities and Exchange Commission (SEC) to determine which virtual assets to support. PayPal is looking for custody and trade additional tokens. Since the global payment service provider needs to expand more products to customers, they need to stay customer-driven, especially when it comes to security.

For instance, controversy circles around Ripple’s XRP after the US regulatory system consider the digital asset a threat to security. Unlike XRP, Bitcoin, Bitcoin Cash, Litecoi, and Ethereum have essential differences from XRP.

Will this restriction be relaxed in the future? According to some crypto critics, there’s a huge possibility that PayPal will support XRP in transactions and withdrawals anytime soon. The reaction of crypto enthusiasts has been mixed since some have publicly bashed PayPal for not giving users access to XRP.

In terms of services, PayPal and cryptocurrencies mirror features available on the rival platforms RobihHood and Square. These two companies are one of the most prominent advocates of cryptocurrencies.

In 2019, Square already supported cryptocurrency and allowed users to withdraw Bitcoins. Regarding RobinHood, its headquarters confirmed that they would soon send a green signal for Bitcoin withdrawals.

Fundamentally, Ripple’s XRP and PayPal sound more conflicting than its partnership with Bitcoin. Once Ripple gained recognition from PayPal, it can be a giant leap in Ripple breaking out of its niche. Despite many concerns, it appears that PayPal will only support XRP if it is considered a currency, not security, in the United States.

Many businesses have been somewhat anticipating PayPal’s approval of Ripple since many global banks are now using XRP for cross-border money transfers.

Ripple CEO: How the US Regulatory Uncertainty Affected Ripple

The United States – This 2020, Ripple has been poised with a challenging year. The company CEO Brad Garlinghouse shared that they are still considering leaving the US due to the United States’ strict regulations regarding XRP.

Countries like the United Kingdom, Japan, and Singapore have clear regulatory dynamics for digital assets, unlike in the United States. According to Garlinghouse, the US Regulatory system lacks cohesion and clarity.

The Ripple CEO also shared that in the US, crypto companies are competing with different regulatory environments. Some would say cryptocurrency is a commodity, while others will consider it as a virtual currency alone. However, many critics say XRP is connected to security. This claim makes it difficult for Ripple since it makes the regulatory confusing.

According to Garlinghouse, Ripple’s headquarters will stay in the US if it becomes clearer and solid. This way, they can continue to grow and invest in more businesses in the country. Currently, the US government is still not assuring to crypto businesses than Japan and the United Kingdom authorities. The US Regulatory uncertainly will affect Ripple since it is one of XRP’s strongest markets.

Nevertheless, countries like Japan, Singapore, and the United Kingdom give Ripple enough clarity about the firm’s safety. Also, Japan has Ripple’s major investor, namely SBI Group, one of the most prominent companies that utilize XRP for cross-border money transfers. Garlinghouse confirmed that they would soon relocate if the regulations will stay the same in the US. Ripple has many potential destinations since many governments have created assurance and clarity about how they will consider XRP.

Garlinghouse criticized the US regulators for being undecided on XRP, making it difficult for Ripple to operate better in the US. According to the CEO, the US regulation should not be a guessing game, where authorities cannot conclude cryptocurrencies as property, security, currency, or commodity.

In contrast, Asia countries are very clear about their stance on digital assets for over five years. Although Ripple resides in San Francisco, it still provides cross-border payment services for various financial partners worldwide. The company currently holds billions of dollars’ worth of XRP.

If the US government does not make any changes, digital assets like XRP can underperform, according to Garlinghouse. Unfortunately, Bitcoin is the only virtual currency with the hall pass. This situation creates an atmosphere where big banks might stop partnering with Ripple and stop using XRP-based ledgers.

Ripple Builds New Product With PayString Trademark

United States – Ripple Labs Inc. has confirmed its new trademark with PayString. PayString trademark registration is essential for electronic financial services, such as disbursing and receiving monetary gifts and remittances. Ripple uses PayString for transferring fiat and virtual currencies over a computer network.

Since the launch of XRP Ledger in 2020, the San Francisco-based firm has already established dozens of partnerships with prominent banks worldwide. Following the recent launch of Line of Credit, Ripple has announced its new PayString trademark that was submitted last November 6, 2020.

Many XRP enthusiasts believe that Ripple is currently developing new technology or product that might be suitable for e-commerce. Currently, Ripple’s XRP has overcome many obstacles and enables the company to raise new capital quickly through the XRP Ledger.

In the past weeks, Ripple released several headlines, including the massive increase of the average daily XRP volume. The headlines show a significant boost in Ripple’s sales, especially in adopting the On-Demand Liquidity.

Many critics speculate that Ripple is again working on a new interesting product. Since “PayString” has similarities to “PayID,” the trademark might also act as a universal payment identifier with a free standard. PayString’s goal might focus on increasing interoperability between different networks. Some claim that PayString can function like PayID, a standardized format that supports over 40 globally active companies, especially in e-commerce.

Currently, Ripple is the fourth most valuable Fintech company worldwide. The firm recently launched a new product called “Line of Credit,” which allows ODL customers to take out credits using XRP. This new product can help hundreds of companies overcome financial obstacles and raise better capital more conveniently using the XRP Ledger.

News reports yesterday confirmed that Ripple would continue to rise in the next months. The company is currently worth $10 billion, which is $2 billion ahead of Coinbase and $2.4 billion ahead of Robinhood. The latest release of several Ripple products enables RippleNet customers to raise capital on demand. Many critics claim that the community has a huge impact on XRP’s excellent performance.

Ripple assures the public that they will soon expand more services to more markets and customers worldwide. Through the latest Line of Credit, more people can manage their day-to-day businesses and reach more customers quickly.

With PayString, Ripple can release a reliable payment service that is essential for receiving and transferring remittances and exchanging fiat currencies and virtual currencies in real-time.