After weeks of consolidation, Ripple’s XRP made a massive comeback on Sunday with a 12.15% gain, finally breaking above the $1.00 barrier. After reaching the all-time high price of $3.35 beginning of January, XRP/USD dropped back to the 76% Fibonacci retracement level as the cryptocurrency market in general turned bearish. Since then, the $0.87 level has acted as a key support. The pair remains below the daily Ichimoku cloud and has yet to reach the immediate resistance level and 61% Fibonacci retracement level of $1.40. Sunday’s gains created a bullish engulfing chart pattern, which could be an indication of a change in the trend, but it is still too early to make a medium-term call. From a longer-term point of view, we think that it is a matter of time for Ripple the crypto to catch up with the popularity of Ripple the company, and show great returns. As we’ve covered before, RippleNet has been hard at work to expand its partnerships around the world, connecting banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally. However, at the moment, using Ripple’s token, XRP, is optional within the partners, and that could be one reason why it has been slower to catch up. Regardless, Ripple remains the third largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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