Analysis

Will Ripple Expansion Raise Plummeting XRP Prices?

Throughout the entire year, XRP traders and investors anticipate the potential price hike of XRP. However, despite Ripple’s rapid expansion to different countries, prices still seem to refuse to meet the price’s resistance point. 

One of the most important factors to determine the crypto’s success is its rapid expansion, especially in the UAEs and Singapore. In 2021, Ripple established an ongoing relationship with Tranglo by purchasing 40% of the company.  Ripple also launched its first on-demand liquidity solution in the Middle East by linking up with Pyypl

Ripple also established partnerships with different online casinos, with WildTornado as the most recent partnership. 

Ripple Expansion

These successes left investors and traders undecided about the potential price movement of this cryptocurrency. Since the bearish trend last April 14, 2021, XRP has exhibited bullish and bearish swings. 

Despite a sharp correction in the later parts of September, traders are testing the resistance again by slowly building momentum. If the XRP regains this momentum, traders hope to reach the higher highs established last April 14, 2021. 

However, some traders chose to hold off investing because of the many fears until they saw a potential breakout from the ongoing consolidating pattern. 

Many traders attribute this momentum to Brian Armstrong’s comment on the XRP’s strong defense against the US Securities and Exchange Commission. 

However, if Armstrong refuses to relist XRP in the mobile trading platform, demand for the cryptocurrency may follow a bearish swing downwards to the support established last June 21, 2021. 

Regardless, if traders choose to hold out for the long-term, it would most likely be due to their optimism of the fruits of the company’s newly established partnerships. 

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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