The XRP price has been on a bullish trajectory since mid-July. However, the altcoin nudged 4.48% lower at $0.9652 after jumping 18.73% on Wednesday. Its current total market capitalization stands at $45.12 billion. It ranks the 6th largest cryptocurrency sandwiching it between Cardano and Dogecoin.
Ripple’s Fundamental Analysis
XRP is a payment protocol initiated in 2012. XRP and Ripple are intrinsically linked. XRP runs on a digital payment platform called Ripple Net. Unlike most cryptocurrencies, XRP is not mined, this makes it an independent digital asset that can be used in transactions and online payments.
Analysts have linked XRP’s bullish outlook to Bitcoin’s massive bullish development. According to most economists, the uptrend from July 20 to August 8, reignited the flame in most altcoins including Ripple. Therefore, if Bitcoin price extends its uptrend, altcoins will continue shooting higher.
Despite the optimism in crypto markets, Ripple seems to be relatively in the slumps. Last December, the Securities & Exchange Commission (SEC), filed a lawsuit against Ripple. According to the latest developments in the case, the commission filed a motion to request relevant communication between Ripple employees.
The lawsuit seems to have garnered the remittance token more media time helping its case. However, the XRP price is set for a bullish outcome regardless of how the lawsuit revolves. A win in this case will trigger the coin’s price to jump more than 300%.
XRP Price Prediction
The XRP price has been throwing hints at a massive upcoming trajectory. On the daily chart, its price has formed a double bottom which is a bullish outlook. It hit an intraday high at $1.0450 before pulling back.
Its Relative Strength Index (RSI) has been above 70. Its RSI currently stands at 72.32 which is two points into the overbought. XRP could plunge into a sell-off period in the near term.
However, according to the double bottom pattern, Ripple’s XRP token could jump past $1. However, a move past the key support at $0.6500 will invalidate this view.