XRP Resilient As Executive Invests $10 Million In DeFi Protocol: Will Ripple Ever Hit $100?

XRP is moving sideways, per the formation in the daily chart. Buyers are upbeat, expecting more gains in the next few trading days. Technically, that prices remain above $0.55 is important. For the uptrend to continue, this level must hold. However, a decisive, high volume close above $0.66 will be necessary for reassurance. Before then, aggressive, risk-off traders can load the dips, expecting more gains in the coming days as sentiment improves.

Traders are closely monitoring candlestick formation now that politicians are warming up to crypto. As things stand, XRP is steady on the last day and up 9% in the past week. The only challenge in the short term is the low engagement. Even as bulls soak in sellers, the average trading volume is back below $1 billion.

XRP and Ripple investors and traders are watching the following news events:

• Chris Larsen, the co-founder of Ripple, is a lead investor of Yellow Network, a DeFi protocol. According to reports, the executive poured $10 million into the project. Whether the protocol will deploy on the XRP Ledger remains to be seen.
• XRP reaching $100 is possible, one analyst thinks. All that’s needed is for the seventh most valuable network to capture a portion of the average trading volume processed by SWIFT. The network currently processes over $5 trillion in daily transactions, moving over 45 million messages through its global network.

XRP Price Analysis

XRP/USD is firm at spot rates.

Buyers are in control, soaking in every attempt to push the coin lower.

Technically, as long as prices are above $0.55, every low could offer entries for aggressive bulls.

The first target will be at $0.66.

A break above July highs could see conservative, risk-on traders consider longs with medium-term targets at $0.93 and $1.

However, if there is an unexpected dump below $0.55, XRP might fall to September lows of around $0.50.