XRP Forms a Bullish Flag and Jumps Over a $40 Billion Market Cap

San Francisco, CALIFORNIA – Ripple’s XRP forms a bullish flag, and the flag pattern’s breakout happened during the weekend, having a resistance over $0.781.

After retracing from a 200-day resistance over the weekend, Ripple’s XRP breaks bullish. The breakout let it move over the resistance of $0.781, which climbs over the all-time high price of July.

Aside from that, it targets to go over $0.8282, and if it closes over $0.8282, analysts expect the resistance to go over $0.89. After hitting this target resistance price, the following price is $1, $1.12, and $1.25. On the other hand, the first support is at $0.80, followed by $0.78, $0.70, and $0.65.

On another note, XRP had some challenges breaking a long-term increasing trend line against BTC or Bitcoin in the past fortnight. Today, this digital asset moved over the long-term decreasing trend line.

With XRP’s performance in the past few weeks, the market capitalization jumped over $40 billion as per Coinmarketcap. Ripple’s partnerships with various institutions or companies continue to build its brand despite having a lawsuit from US SEC or Security Exchange Commission.

On Wednesday, August 11, GME Remittance or Global Money Express declared that it’s joining RippleNet, a global funding network of Ripple. Ripple stated that this partnership would boost the adoption of the platform in Asia.

XRP Forms a Bullish Flag and Jumps Over a 40 Billion Market Cap
Ripple became partners with GME Remittance this week for RippleNet.

As per the Director and COO at GME, Subash Chandra Poudel, the company chose Ripple because of the possibility of RippleNet being introduced to new countries in one to two weeks. This platform will lessen the time to market the product, giving them an edge against their competitors.

Aside from this partnership, Ripple and SBI Remit also collaborated, along with, where RippleNet will introduce its first live ODL or On-Demand Liquidity service. These partnerships will boost the adoption of RippleNet and XRP. Also, according to the XRP Report, there was a surge of demand in XRP in its first three months of 2021.

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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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