XRP Revving Up For Huge Move

By stevo muchoki | Crypto mind game | 13 Aug 2020


XRPL native coin and Ripple Labs backed digital asset, XRP, is poised to move a bigger move than it did in the prior rally.

This is based on both technical and fundamental factors that are playing in favor of the coin. 
At the time of writing, the instrument was trading around $0.2834. In addition, its market capitalization stood at $12.7 billion according to Coinmarketcap metrics, hence 3rd in rank. Worth noting, its 24-hour volume stood at $2.1 billion.

Since the beginning of last month, the asset has moved from trading 17 cents to trading 30 cents. The rally broke multi week falling trend and rejuvenated its lost glory among retail investors.

However, in the past two weeks, the asset has been consolidating in what seem like a falling wedge. According documented research on falling wedge during a rising trend, it is an indication that the asset is accumulating new buyers revving up for a huge move.

The upward call is supported by the recent Ripple Labs’ XRP Q2 2020 report, that suggested the company is working on improving the assets underlying liquidity. 
According to the company, it has stopped its programmatic sale and focused on OTC sales. In addition, the company indicated that it has been buying back the asset from the secondary market. 
Buy backs are common in the stock market with companies buying their own shares to raise the underlying market value. 
With the increased US-China Cold War on tech industry and clear regulations, XRP has seen a sharp uptick in institutional investment.

All these factors and others probably that the company has not disclosed to the public put the asset on a vantage point to skyrocket in the near future.

 

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stevo muchoki
stevo muchoki

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