HomeLatest NewsXRP (XRP/USD) price forecast after extending weekly gains

XRP (XRP/USD) price forecast after extending weekly gains

  • XRP price (XRP/USD) on Tuesday edged higher 3.23% to extend gains of the last five days.

  • The XRP is the native currency that runs on the digital payment platform, RippleNet.

  • The RippleNet payment platform is an RTGS created to facilitate instant funds transfers globally.

On Tuesday, XRP price (XRP/USD) gained 3.23%, extending the gains accumulated over the last five days. Ripple is the native currency for RippleNet, which is created on the XRP Ledger. The payment platform is a real-time gross settlement system (RTGS) created to facilitate instant monetary transactions internationally. 

The XRP is one of the most popular cryptocurrencies with a fully-diluted market cap of over $112 billion. In the last 24 hours, XRP trading volume fell by about 6.78% to $3.55 billion. 

In the latest developments, Saudi British Bank said it will leverage Ripple’s technology in order to provide its clients with instant USD settlements, further providing a fundamental boost to the XRP currency.

It could be time to buy the rally

From an investment perspective, the XRP appears closer to completing a bullish breakout from a descending channel formation in the intraday chart. Ripple bounced off the key support at about $0.94 last week.

Therefore, investors could target extended gains at about $1.2300, or higher at $1.3226, amid a potential breakout. On the other hand, if the trendline resistance remains resilient triggering a pullback, the XRP could find support at $1.0411, or lower at $0.9411.

In summary, with the XRP/USD price yet to reach the overbought conditions of the 14-day RSI, a channel breakout seems more likely, giving buyers an exciting opportunity. 

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