XRP finally breaks out from the consolidation channel. What next?

  • Ripple’s XRP continues to enjoy bullish drives on the SEC case

  • Ripple partnered for the Maladroids game

  • XRP has broken from a consolidation channel as price eyes higher levels

With around a 20% weekly increase in value, Ripple’s XRP/USD is easily the top gainer cryptocurrency. Investors remain keen on Ripple’s case with the SEC, in which both sides have called for a quick settlement. Speculations are that Ripple will outwit the regulator in the long entanglement. The gains in the week are mainly a reflection of the positive expectations.

Another key development for Ripple that could have influenced XRP price is the partnership in XRPL projects. According to a September 20 announcement, Ripple partnered for the free-to-play battle royale game on the onXRP ecosystem. The game, dubbed Maladroids, integrates blockchain, with its first level release slated for this month. The news reinforced the positive developments of the SEC case, adding a bullish impetus for XRP. 

XRP retraces as price breaks out from the consolidation zone

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy XRP with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy XRP with Capital.com today

A technical outlook shows XRP above the $0.38 level, which was the top of the consolidation zone. The price is slowing down after a breakout, but momentum remains strong.

Source – TradingView

At the current price of $0.398, XRP has now set $0.38 as the support zone. The 20-day MA is about to close above the 50-day MA, reinforcing the bullish momentum. The MACD indicator has moved further into the bull zone. 

Concluding thoughts

A breakout candlestick indicates buyers are aggressively boosting their XRP holdings. While Ripple’s win against XRP cannot be ascertained yet, the token is attractive after the breakout. The cryptocurrency can be bought at the current price, with the next potential resistance at $0.45. XRP could still go past $0.45 if the sentiment continues to improve on the SEC case outcome.

All Dutch and English crypto news!

Crypto recap 28 maart: Toch rechtszaak SEC en Coinbase! | ETF’s: opnieuw positieve cijfers

Iedere dag bespreekt Axel in zijn video de laatste ontwikkelingen in de crypto markt. Dit doet hij met de onderbouwing van nieuwsberichten en technische analyses....

SingularityNet, Fetch.AI, Ocean Protocol merger will drive decentralized AI development: ChainGPT CEO

The token merger will drive new resources and create new collaborations to bolster decentralized AI development, ChainGPT’s CEO told Cointelegraph. Interview Own this piece of crypto history Collect...

Sam Bankman-Fried sentenced to 25 years in prison

Judge Lewis Kaplan found that the former FTX CEO also committed witness tampering and perjury based on his testimony at trial over user funds. Breaking news Own...

Bitcoin whales copy classic bull market moves as BTC price eyes $72K

Bitcoin sets a positive tone into the U.S. holiday weekend as a Coinbase-induced BTC price dip fails to keep bulls back for long. Market Update Own this...

Beste exchanges

Koop je crypto bij Bitvavo