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XRP Bulls Successfully Defends XRP Price and Gains Strength

Jamie West by Jamie West
February 16, 2021
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Ripple’s XRP has been trading within a strong upwards trend since February 5. It continually gained strength regardless of the previously predicted slump other altcoins experienced. More recently, XRP bulls successfully defended a key support level and are poised to carry the crypto towards a significant rebound towards the $0.70 range.

Caption: “Charging Bull” or “Wall Street Bull” in New York City

“Charging Bull” or “Wall Street Bull” in New York City

XRP price is gearing towards an even higher climb towards $0.90 if this bullish momentum continues for a few more days. On a recent 12-hour chart, XRP’s price successfully defended against the $0.57 key support level. This level is known as the lower trend line of the ascending parallel channel. Rebounding from this point will effectively bump the XRP price over the $0.70 upper boundary.  

The $0.70 resistance level is currently the upper trend line and is the most critical resistance level XRP need to push for. A breakout above this level will boost the value of XRP towards the next target of $0.90, where there is little to no resistance levels that will greatly affect its value.  

The 4-hour chart shows that the TD sequence indicator for the crypto has presented a red ‘8’ candlestick. This type of candlestick usually transforms and indicates a buy signal, further supporting the legibility for the bullish run of the coin. However, a significant rebound is necessary for the price of XRP to continue rising.

However, if it falls below the lower boundary of the ascending parallel channel and closes below the $0.57 range, it would send the XRP price down to $0.42. This is a 25% move calculated using the height of the reference point on the same graph. 

As of the time of writing, XRP price is still above the lower boundary at $0.58 and still holds the 5th largest market capitalization for altcoins today.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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