The market pumped hard yesterday, but XRP (XRP) lagged behind other major cryptos in gains. For instance, Litecoin (LTC) is up by over 30% since yesterday and seems to be gaining even more momentum. Does this mean that XRP (XRP) could fall behind, as the rest of the market turns bullish?
Well, this is highly unlikely. That’s because from a look at its charts, XRP (XRP) could be headed for a huge pump as well. On the hourly charts, XRP (XRP) volumes have shot up, and it has broken key resistance points in the last couple of hours.
For instance, on the 1-hour chart, XRP (XRP) as broken above the 200-day moving average at $0.304 and has been pushing above it for more than 12-hours. On the higher time frames, XRP (XRP) is showing a similar trend. On the 12-hour chart, XRP (XRP) has pushed above the 55-day MA, a signal of increased bullish sentiment. All these are signals that XRP (XRP) is likely to catch up to the gains made by the rest of the market.
Besides, the sustainability of an XRP (XRP) Bull Run has a solid basis to it. That’s because, XRP (XRP) has made huge in-roads in the banking industry through ripple. Since 2018, ripple has seen an exponential growth in the number of financial institutions signing up for XRapid. This is a big deal because it means that once these banks make the switch to XRapid, it could lead to a massive increase in the price of XRP (XRP) since it will drive up demand. This makes XRP (XRP) one of the highest potential cryptos in the market at this point.
The only challenge that XRP (XRP) could face in the short-term is that of regulations. For XRP (XRP) to thrive, there needs to be regulatory clarity. Banks need to be sure that they are not taking on unnecessary risks by switching to XRapid. Even Brad Garlinghouse touched on this issue some time back in 2018. But there is hope for XRP (XRP) investors in the long run. That’s because, in most jurisdictions, the regulatory environment is getting better. For instance, in Asian nations like Singapore and Japan, the regulatory environment is already set. Even in the U.S, which is one of the most important markets in the world, the regulatory wheel is turning, and it will mark a major milestone for crypto and more specifically for XRP (XRP) once the U.S offers clarity.
However, these are more long-term milestones. In the short-term, the technicals offer a better perspective of the market, and XRP (XRP) could be about to pump. If it pumps, chances are that it could test $0.374 in the short-term. This is its first resistance level in the day. A push above this could see it possibly rise to $0.40 and could rise even further if the current market wide bullish sentiment sustains. XRP (XRP) better days are ahead of it, it’s just a matter of time.