XRP is reported to have managed to rise after a long period of moving down and consolidating in early 2021. This appreciation has been significant since yesterday where the price rose more than 30% along with today’s appreciation.
The increase in XRP is due to the many negative sentiments circulating in the world of Ripple, especially given the influence of the SEC.
XRP Recovers! Up Nearly 50%
Even though it still has a lot of negative sentiment around it, XRP price has reportedly managed to increase by around 48% since January 1, 2021. Even though it is currently correcting, XRP price was hitting $ 0.32300 which was one of the biggest recoveries in the crypto market.
This appreciation increased by the movement since yesterday where the price rose by around 32%. While shaping new hopes for 2021, the appreciation has prompted the market to question what really is the cause.
This question arises because until now Ripple is still caught in a conflict case with the SEC or the Securities and Exchange Commission. This case does not appear to have achieved any results due to Ripple refusing to settle it with “amicable” fines and an unreached decision whether XRP can be equated with American stocks.
Apart from that, another negative sentiment is also seen coming from one of Ripple’s biggest investors which seems to be adding to its current slump. The investor is the Tetragon Financial Group, who feels aggrieved so that he sues with the SEC.
Still Have Support
Even so, XRP still seems to have supporters due to its significant appreciation. This can also be seen from the return to its market capitalization ranking after losing to Litecoin.
The majority of analysts see that this support comes from Asia, especially from Japan. Japan has always supported Ripple because the majority of investors see XRP as an asset that is different from stocks.
One of its supporters is SBI Holdings, who from the start their demands have remained firm with Ripple. So, even though the majority of stock exchanges in America have delisted, XRP still has supporters.
Another party that appears to support XRP and come from outside America is Bequant. Bequant is a British investment company that believes that XRP still has great potential in the future.
Potential Up Still There
Mati Greenspan, Founder of Quantum Economics, stated that XRP could still continue to rise. This is due to the fact that the movement still looks normal relative to the financial assets on the market.
Therefore, XRP still has many possibilities for future movement, so there is still hope for XRP to move up again.
It can be seen that appreciation is still visible, perhaps due to the technical side, there are several patterns that show its potential. If you look at the price movement, yesterday a bullish engulfing pattern was formed even though it had a long upward wick.
Today, the candlestick opens with green which makes the potential for appreciation even stronger going forward. If tomorrow the candlestick opens in green again, a three white soldiers pattern will form which is likely to confirm an upward movement.
This confirmation was made stronger due to the formation of a bullish flag pattern which generally indicates an upward movement. Looking at the previous flag pattern, it has often been proven right on XRP, now the possibility of going up is bigger.
Looking at the MACD indicator which has just crossed and the RSI is still below it to move up, the chances of this appreciation will be bigger. The next target is likely to be around $ 0.32758 which is the current upper border.
If this is successfully broken, the next target is at $ 0.39311 which could then move to $ 0.44362 before continuing to rise. The lower limit of price safety is currently at $ 0.22162 which, if broken, could continue the downward movement.
