Ripple Price Forecast – XRP/USD Bullish Engulfing Pattern to Support Buying

XRP/USD closed at $0.90614 after placing a high of $0.91389 and a low of $0.80641. After declining for the last three days, Ripple rose on

Arslan Butt•Monday, May 31, 2021•2 min read

[[XRP/USD-sponsored]]

XRP/USD closed at $0.90614 after placing a high of $0.91389 and a low of $0.80641. After declining for the last three days, XRP/USD rose on Sunday and recovered most of its previous daily losses following the prevalent market trend. The Ripple CEO Brad Garlinghouse has revealed that Ripple’s fintech firm will go public after it settles the lawsuit that the U.S. Securities and Exchange Commission (SEC) filed against it, alleging the firm and two of its executives raised over $1.3 billion through an unregistered digital asset securities offering.

Garlinghouse revealed that the company had plans to go public in 2020, but the SEC’s lawsuit hindered this move then. He added that the company still plans on being listed on an exchange, and it hopes to do so after it resolves the lawsuit with the SEC. Furthermore, Ripple has reiterated its commitment to become carbon ‘net-zero’ by 2030 as part of an effort to avert worst-case climate change scenarios in a move similar to one made by most countries throughout the world. Ripple said that it was driving new research with leading universities to evaluate energy consumption across digital assets, credit card networks, and cash. This news added strength to XRP and moved its prices up on Sunday.

Meanwhile, a document published by the United States District Court of the Southern District of New York suggested that Judge Sarah Netburn has denied the Commission’s request to grant access to Ripple’s legal memos. With this motion, the SEC would have ordered the payment company to produce communications in every format on legal advice regarding whether XRP sales were subject to federal securities laws. This also added XRP’s value as the decision was against SEC and supported XRP/USD.

XRP/USD Daily Technical Levels

Support Resistance
0.83707 0.94455
0.76800 0.98296
0.72959 1.05203
Pivot Point: 0.87548

The XRP/USD pair is trading with a slightly bullish bias at 1.0017 level, facing immediate resistance at 1.06556 level. On the 4 hour timeframe, Ripple has closed a bullish engulfing candle that’s suggesting odds of bullish trend continuation. On the higher side, the coin may head towards the 1.06556 level, and a bullish breakout of the 1.06556 level can extend buying trend until the 1.2361 level. Conversely, the violation of 0.9339 can lead the pair towards 0.8041. The MACD and RSI are in support of a buying trend today. Good luck!

BUY XRP/USD

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.