XRP price asserted its resilience above the $2 psychological support, rising for the second successive days against a high risk aversion in financial markets. The coin was up by 1.9% at the time of writing and traded at $2.09. Beyond mirroring the contrarian upward trajectory adopted by crypto coins in the last two days, XRP is supported by news of a futures filing by Coinbase.
There is a strong bullish momentum underlying XRP price that will likely explode in the coming days once the trade tariff cloud overcasting markets passes. The coin’s issuer, Ripple Labs recently reached an out-of-court settlement with market regulator, Securities and Exchange Commission (SEC) to pay $50 million fine without admission of guilt in exchange for the withdrawal of an appeal against the company.
Analysts opine that the delay by the SEC to confirm the settlement is partly responsible for XRP’s underperformance. Meanwhile, Coinbase revealed on Thursday that it filed an application with the Commodities Futures Trading Commission (CFTC) to bring an XRP Futures product in the market. The exchange expects the futures contracts to start trading from April 21. This signals the increasing attractiveness of the XRP as an investment asset-a factor that could boost its performance.
XRP Price Prediction
Pivot: XRP price pivots at $2.02 and the momentum favours the upside to prevail. The coin will likely meet initial resistance at $2.09. Breaking above that level will signal a strong momentum that could potentially take the action further up to test $2.14.
On the flip side, the momentum will shift to the downside if the XRPUSD pair breaks below $2.02. With the sellers in control, the downside will likely find the first support at $1.99. Breaking below that level will invalidate the upside thesis. In addition, such momentum could see the price go lower and test the second support at $1.95. Breaking below that level could invite an extended downward action.
The post XRP Price Sustains $2 Support, Strong Upside Momentum Bubbles Under appeared first in UK on InvestingCube.