XRP finally breaks out from the consolidation channel. What next?
Ripple’s XRP continues to enjoy bullish drives on the SEC case
Ripple partnered for the Maladroids game
XRP has broken from a consolidation channel as price eyes higher levels
With around a 20% weekly increase in value, Ripple’s XRP/USD is easily the top gainer cryptocurrency. Investors remain keen on Ripple’s case with the SEC, in which both sides have called for a quick settlement. Speculations are that Ripple will outwit the regulator in the long entanglement. The gains in the week are mainly a reflection of the positive expectations.
Another key development for Ripple that could have influenced XRP price is the partnership in XRPL projects. According to a September 20 announcement, Ripple partnered for the free-to-play battle royale game on the onXRP ecosystem. The game, dubbed Maladroids, integrates blockchain, with its first level release slated for this month. The news reinforced the positive developments of the SEC case, adding a bullish impetus for XRP.
XRP retraces as price breaks out from the consolidation zone
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A technical outlook shows XRP above the $0.38 level, which was the top of the consolidation zone. The price is slowing down after a breakout, but momentum remains strong.
Source – TradingView
At the current price of $0.398, XRP has now set $0.38 as the support zone. The 20-day MA is about to close above the 50-day MA, reinforcing the bullish momentum. The MACD indicator has moved further into the bull zone.
Concluding thoughts
A breakout candlestick indicates buyers are aggressively boosting their XRP holdings. While Ripple’s win against XRP cannot be ascertained yet, the token is attractive after the breakout. The cryptocurrency can be bought at the current price, with the next potential resistance at $0.45. XRP could still go past $0.45 if the sentiment continues to improve on the SEC case outcome.
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