The third largest cryptocurrency is back on the rise after losing 9% of its value from $0.248 on the weekend.
Currently, XRP is trading at $0.236 with 24 hours gains of 3.50% and up 24% in the past month. This according to trader Credible Crypto is because Bitcoin (BTC) is struggling around $8,630.
A Bullish View for XRP
Credible Crypto is not the only one bullish on XRP, recently technical analyst Crypto Michaël called for a 170% move in the digital asset.
Though it may sound “ridiculous,” Crypto Michaël is long on XRP. He explains that everything is breaking out in January just like it did during the last four years. The first quarter, he notes has been the best quarter of the year for altcoins.
Dash, ETC, ZEC has already broken a long term downtrend, and now XRP and Ethereum are facing similar movements. However, Ripple and Lumen he points out don’t move in a natural way, rather “they usually push hard before it goes.”
“Breaking the downtrend after this compression and the targets are; 3750-3800, 4400-4450 & 6700-6800 for a move of around 170%,” concludes Crypto Michaël.
Trader CJ is another one who has a bullish view of XRP. According to him, we could go to $0.40, an increase of 70% from the current level.
XRP can offer a fast, cost-effective & scalable payment option
While the price of XRP is poised for an upward move, Ripple is busy with developments. About 38 of the world’s 100 biggest banks have tested and invested in Ripple’s technology, as per the list created by XRPArcade.
Also, crypto payments service BitPay is launching support for XRP, allowing users to buy gift cards with the digital asset starting this week.
“BitPay customers are leveraging the promise of blockchain payment technology and with XRP can offer a payment option that is fast, cost-effective and scalable. The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space,” said Sean Rolland, BitPay director of product.
US Treasury Secretary gives a Nod to Ripple
Amidst all this good news is the threat of the Ripple’s ongoing lawsuit. The company had filed a motion to dismiss on January 15 for the lawsuit filed on Dec. 4, 2019. Ripple CTO David Schwartz, however, isn’t concerned as he says their attorneys have taken care of the lawsuit with “the best words.”
Meanwhile, Ripple is trying to gather every kind of support that it can find.