XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

  • XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish”
  • Ripple granted an exemption from Payment Services Act by MAS until July 28, 2020

XRP is the winner of today’s market gainers as the digital asset jumped 12.5%. The fourth-largest cryptocurrency by market cap is currently trading at $0.176 on Bitstamp, down from today’s high of $0.180.

Despite these gains, the crypto asset is still down over 50% from the February high at above $0.34. During the crypto carnage in the past few weeks, XRP went down as low as $0.11 which was last seen in May 2017.

Su Zhu, CEO at Three Arrows Capital says, the cryptocurrency is looking to retrace its underperformance that has been going on for months in a few days, which “is what peak crypto trading performance looks like.”

However, as Gabor Gurbacs, a digital asset strategist at VanEck notes, the volume isn’t really working in the cryptocurrency’s favor for a long time now. XRP is recording losses of 11.21% in 2020 so far and is down 96% from its all-time high of $3.92 from January 2018.

Trader Credible Crypto who is also an XRP enthusiast and investor is expecting a surge of more than 23% that would take it to $0.21 level. But despite this, the channel remains a corrective one. However, if XRP clean breaks above this level, that move would be “very bullish.” The trader said,

“My thoughts on XRP. We can move up to .20-.21 and still be in a corrective channel. A break out from this channel on increasing volume could indicate that this is something more than just a typical corrective structure. Exciting times ahead.”

In the BTC terms, analyst The Cryptomist is looking for another over 8% move up in the price of XRP as she said,

“Entered here on OKEx with a bullish flag forming. Expect a breakout with no later than few hours from now. Looking at a target of 2800 sats. Whilst Btc has been going sideways, alts have been going vertical.”

The Good & the Bad

While the price of XRP continues to struggle, Ripple along with Binance and Coinbase has been granted an exemption from the Payment Services Act (PSA) by Singapore that was adopted in January 2020 by the country.

The statement was released on March 24, where the Monetary Authority of Singapore (MAS) said the local subsidiary of some of the major crypto companies are officially authorized to offer digital payment token service in the country without a PSA license until July 28, 2020.

Amidst this exemption for a limited time period came the news of a new movement in a class action lawsuit that was filed in May 2018. The amended complaint accused company’s CEO Brad Garlinghouse of liquidating 67 million XRP while promoting the token to potential investors.

It further claims that all the XRP tokens are “created out thin air” and accuses Ripple and the CEO of falsely claiming XRP’s “utilitarian purpose” as a “bridge currency.”

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Author: AnTy

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