Like the rest of the market, XRP/USD is on a bull run adding 20 percent in the last week pushing its market cap to $21.5 billion. However, as the market bottoms, XRP prices will likely expand helping drive the total crypto market cap back to $800 billion of early this year. In the last day, XRP is up two percent.
Our bullish preview is not because of the last three or days periods of higher highs. It’s all because of the events of late September that saw prices expand 152 percent. Then, XRP/USD raced to 80 cents before slowing down back to 35 cents and rising to spot prices. Because of the bullish break out pattern, buyers are in charge.
Encouragingly, accompanying recent higher highs are above average volumes. Even though you can’t compare them with those of Sep 21—751 million, Nov 6 did print higher at 147 million. This is high and above the last 20 days average of 41 million.
Candlestick Formation: Bullish breakout
To reiterate, XRP/USD pair is trading within a bullish breakout pattern with clear supports at 35 cents-40 cents mark. We expect prices to edge higher according to Fibonacci retracement rules as XRP/USD snap back to trend set by late September.
Like the rest of the market, XRP/USD is bullish and after surging 20 percent from last week’s close. As such we expect bulls to dominate this week. Therefore, we recommend buying at spot with first targets at 80 cents and later $1. From the way candlestick alignment, safe stop is at 50 cents or Nov 6 lows.
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