Ripple: XRP/USD Creates A Bullish Engulfing, Breaks Above $1.00
After weeks of consolidation, Ripple’s XRP made a massive comeback on Sunday with a 12.15% gain, finally breaking above the $1.00 barrier. Here’s an overview of the popular blockchain and its token.
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XRP/USD Ends Consolidation
After reaching the all-time high price of $3.35 beginning of January, XRP/USD dropped back to the 76% Fibonacci retracement level as the cryptocurrency market in general turned bearish. Since then, the $0.87 level has acted as a key support. The pair remains below the daily Ichimoku cloud and has yet to reach the immediate resistance level and 61% Fibonacci retracement level of $1.40.
Sunday’s gains created a bullish engulfing chart pattern. This could be an indication of a change in the trend, but it is still too early to make a medium-term call.
While XRP/USD remains below a very thick Ichimoku cloud, it certainly is getting closer to its lower band.
From a longer-term point of view, we think that it is a matter of time for Ripple the crypto to catch up with the popularity of Ripple the company, and show great returns.
Ripple’s Partnerships Around the Globe
As we’ve covered before, Ripple has been hard at work to expand its partnerships around the world. It now has key partnerships in the emerging markets, as well as in the US. The company aims to connect banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.
However, at the moment, using Ripple’s token, XRP, is optional with the partners. This could be one reason why it has been slower to catch up. Regardless, Ripple remains the third largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum.
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