Ripple XRP / USD Forecast and Analysis February 12, 2021
An additional signal in favor of the growth of the XRP / USD cryptocurrency will be a test of the support area. The second signal will be a rebound from the lower border of the ascending channel. Earlier, a weak signal was received for the purchase of the Ripple cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 0.4125. The nearest area of resistance is located at the level of 0.5395. The support area for XRP / USD is located at 0.3865.
Cancellation of the growth option for the Ripple cryptocurrency within the framework of the forecast will be a fall in asset prices and a breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the price fixing below the level of 0.3905. This option will indicate a change in the sideways trend in XRP in favor of a bearish trend and a continued fall in the value of the digital asset. Expect an acceleration in the growth of XRP / USD quotes with the breakdown of the resistance area and closing the price above the level of 0.5575.
Therefore, Ripple XRP / USD Forecast and Analysis February 11, 2021 suggests an attempt to correct the cryptocurrency and test the level of 0.4525. Where can we expect the continued growth of the Ripple rate with a potential target near the level of 0.6605. Cancellation of the option to raise the cryptocurrency will be a fall in prices and a breakdown of the 0.3905 area. In this case, we should expect a continued decline in the digital currency with a potential target at the level of 0.1955.
Will XRP will reach 0.75$ mark in Feb?
As the month of Feb is completely bullish for the crypto market, due to whales coming in and thanks to Elon musk tweets too.
The monthly resistance is somewhere near 0.70$-0.75$ for feb (XRP/USD Crypto price analysis), hence it is actually on the right path to reach its goal very soon.
XRP rise to $ 30
In the first 10 months of this year, Ripple XRP had nothing to please the community. From January 1 to October 31, the coin gained 24%, while its competitors – BTC and ETH – grew by 92% and 195%, respectively.
However, in November, the value of XRP rushed up sharply, and regained its previously lost third place in the ranking of the largest cryptocurrencies in terms of capitalization. The question that plagues many investors is: what will happen to the price of XRP in the future? And what is the right time to invest in this digital asset now?
XRP in 2020: Losing the Outsider Title
Ripple started the year at $ 0.20. Then in mid-February, the coin soared to $ 0.34, after which the project’s supporters predicted bright prospects for XRP.
However, in March 2020, there was an unanticipated market crash triggered by the Covid-19 outbreak and growing global economic uncertainty. Cryptocurrencies were not immune to this, which caused many of them to drop significantly in value. On March 13, XRP fell to $ 0.11 per coin, losing its status as the third largest cryptocurrency before Tether (USDT).
The digital currency then recovered its losses and traded in the $ 0.19-0.20 range for the next four months. At the end of July, the asset gained momentum and broke the $ 0.30 mark in August. In September and October, the price of the XRP coin fell to $ 0.23-0.25.
It came as a surprise to many, but in November the situation changed dramatically. XRP traded at $ 0.23 on the first day of the month, but by November 24, its value was up 220%, peaking at $ 0.76, according to CoinMarketCap. On some of the leading exchanges, the price went up to $ 1.
Among the key factors behind the growth of the coin’s rate was the $ 45.6 million buyout of XRP by Ripple and the growth of addresses with XRP coins.
On November 22, Santiment announced that the number of unique addresses transacting XRP reached 24,408, a record high since May. What’s more, a tweet dated November 25 notes that XRP’s daily social media volume has grown and surpassed ETH.
XRP forecast for 2021: what will drive the coin’s value in the future?
Ripple’s main goal is to create a payment system to facilitate the transfer of funds in both domestic and international markets. The project has won the trust of many well-known financial institutions such as Banco Santander (SAN), JP Morgan (JPM), HSBC Holdings (HSBA), Mizuho Financial Group (8411), Sumitomo Mitsui Financial Group (8316) and the global money transfer giant MoneyGram.
In August 2020, it became known about a partnership with the largest bank in India, HDFC Bank Limited (HDB). In November, after years of speculation and rumors, Ripple confirmed its partnership with Bank of America (BAC), thus making the second largest US bank also one of RippleNet’s clients.
Just a few days ago, the Official Forum of Monetary and Financial Institutions (OMFIF) published a report highlighting the fact that blockchain technology is a solution for many industries. OMFIF believes that in the banking system alone, the distributed ledger technology that XRP runs on solves five key issues, namely “security, speed, transparency, traceability, cost and risk management”, adding that “Ripple is trying to position itself as an alternative to SWIFT “.
According to a Reuters article, the European Commission is ready to work on a new structure that will encourage digital finance. It says:
“By 2024, the EU needs to create a comprehensive framework to enable distributed ledger technology and crypto assets to the financial sector. The authority must also consider the risks associated with these technologies. ”
If the EU proposes a new legal framework and more financial institutions choose to work with technologies like Ripple, the future of XRP will look brighter than ever.
Ripple price prediction for 2021-2025: expect the unexpected
Having reached a peak on November 24, the coin entered a correction.
In the long term, a well-known cryptanalyst with 77.8 thousand Twitter followers expects XRP to hit $ 25-30. But before that happens, Credible Crypto predicts a market drop of up to 30%, adding:
Such a drop in the market provides excellent opportunities for new investors to buy the coin:
“The ability to buy XRP for $ 0.38-0.55 is a blessing. If you have a chance, you better take it. “
Earlier this year, Will Mead, a former Goldman Sachs employee and hedge fund manager, conducted his first cryptocurrency purchase, buying XRP in anticipation of it going up in value in the near future:
“This week I made my first cryptocurrency purchase, Ripple. I know very little about cryptocurrency, but I believe the tide will lift all boats, so if Bitcoin returns to its all-time highs, so will XRP. “
He estimates that such an increase will push XRP to $ 3 for the foreseeable future.
While many crypto enthusiasts support such an optimistic outlook, assuming the coin is poised to rise above $ 1, based on technical analysis and historical data, the likelihood of this is low.
Online prediction service Wallet Investor has taken a bearish stance in its predictions about the future of XRP prices. The resource predicts XRP will trade well above $ 0.70 in the early days of 2021, right before it plummets.