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Ripple (XRP) Price Mirrors its Previous 2017 Bull Rally

thenewscrypto.com 16 September 2021 02:03, UTC
Reading time: ~2 m

  • Ripple price mirrors its past 2017 bull rally.
  • XRP continues with its price drop and sheds its gains every minute.

One interesting topic in the crypto space is Ripple (XRP), as the lawsuit updates tend to provide a boost. In a recent update, the SEC accepted that Ethereum (ETH) is not a security, and kept XRP away till now. Moreover, XRP continues with its price drop and sheds its gains every minute. 

According to CoinMarketCap, the XRP price is trading at $1.09 with a 24-hour trading volume of $3,044,876,804, at the time of writing.

The above chart clearly shows that the price of XRP mirrors the 2017 bull rally. This might lead the XRP price to hit $8 soon. Notably, the XRP price can presently lose the grip over the uptrend position as it breaks out from the symmetrical triangle. 

The chart above shows the ADX of XRP which stays at 17.87, so it indicates a weak trend. As shown in the chart, RSI remains at 47.87. Henceforth, this shows that XRP’s price is in a neither overbought nor oversold state. However, this shows that traders can trade fearlessly.

In addition, the rumours are spreading around that Coinbase is relisting the asset. Furthermore, the Ripple & SEC case is in many confusion as it does not have any evidence. Once everything is settled, XRP price will hit higher highs without any drop.

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