- Spark tokens distribution will likely support the XRP price
- Ripple under pressure, $0.20 is the immediate support
- XRP to $10,000? Steve Wynn thinks it is possible
After last week’s scare, the Ripple price is now steady. Even so, it continues to under-perform the greenback and BTC but is ahead of ETH.
Judging from price patterns in the daily chart, it is highly likely that XRP will consolidate. Immediate resistance—in the medium term, is at $0.30. On the lower side, the zone between $0.17 and $0.20 provides decent support.
As it is, the Ripple price is trading below $0.25 and still banding along with the lower BB hinting of strong bear pressure, disappointing optimistic bulls.
However, developments from the fundamental front is encouraging.
News around crypto regulation often has a bearing on XRP due to ongoing court battles while partnerships draw demand for the third most valuable digital asset. Already, Ripple is looking to hire a BSA Investigations Analyst as per a recent job ad.
The job requires the successful candidate to help monitor the transparent XRPL and “ensure the timely filing of reports with FinCEN and other law enforcement agencies per internal procedures” as part of its plans to increase compliance with applicable BSA rules.
A positive outcome will see the trading portal help in the distribution of Spark tokens. XRP holders are only eligible for Spark tokens only if their balances are held in supported exchanges and wallets.
Ripple price analysis
Despite a pullback, the Ripple price is still under pressure. Candlestick arrangements suggest weakness and as such, every high could pan out as a selling opportunity as long as prices trend below $0.25.
With the Ripple price consolidating in smaller time frames and bulls attempting to reverse strong losses of the past few days, the trend will remain bearish as long as prices trend inside Sep 5 range. Ideally, any break above Sep 5 highs and $0.25 with high trading volumes will cancel out bears, favoring bulls.
Any break below $0.23 will likely fan another wave of liquidation with an immediate target at $0.20 as bears confirm bears of the second half of Aug.
Ahead of free Spark token distribution, BCBacker on Twitter remains curious but optimistic that XRP will be positively impacted ahead of the snapshot.
In an interview with Forbes, Steve Wynn, a business and casino operator, says XRP will soon soar to $10,000. He pins XRP value to what Ripple tries to build: a reliably cheap remittance system.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability towards any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.