Ripple Price Analysis: Is Ripple (XRP) Making Progress in the Cryptocurrency Market? 

Ripple gets the first bank from Oman on its RippleNet platform

The news of Ripple’s success has been the talk of the cryptocurrency industry for a while now. Apart from the rumor that CoinBase listed Ripple and moved to Japan, Ripple’s CEO, Brad Garlinghouse, has said that he’s sure that many banks will be using the xRapid technology of Ripple soon.

During his interview with CNBC, Garlinghouse reassured the industry of Ripple’s stance. This may have contributed to strengthening Ripple’s position within the past 24-hours. There has been a 5% increase in the price of Ripple.

There have been many rumors that Ripple will be listed on CoinBase before now. Ripple critics were hoping that it would not materialize but all indications show that Ripple may indeed be listed on CoinBase. CoinBase is moving its operation base to Japan and people will be allowed to buy Ripple directly from CoinBase. This will inevitably lead to a rise in the price of Ripple.

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The only thing left would be for CoinBase to apply for a license although this is becoming increasingly difficult in Japan. Getting a license to operate wasn’t initally required but may have been reactionary implemented after the Coincheck heist.

Ripple Price Analysis

Last week, Ripple formed a candlestick pattern which was expected to close and determine the price progress this week. From this week’s chart, the prices have been going higher showing that the buyers are taking control of the market. There is a double bar bullish pattern near the bear trend. There should be a follow through of the candlestick pattern from last week to end the lower lows.

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Except there are higher highs and hopefully a break above the 70 cent mark, the bears may take charge of the market. Since the bears have been in charge of the market for most part of the year, this will be no surprise.

The next few days of trading will determine if Ripple is capable of pulling its weight.

 


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