Ripple Coin Price Breaking Out
Ripple coin price has been trading between $0.24 and $0.27 since August 27th.
Today the XRP price finally broke out of the trading range and it is currently trading at $0.28.
On the 1H time frame, the ripple coin price is now trading above its 200MA, which is a bullish sign for short term traders.
On the daily time frame, the XRP price is still under the 200MA. It needs to pass the $0.35 mark for things to really turn bullish for both short term traders and long term investors. This could happen very quickly because there are many big financial events coming up such as the opening of BAKKT trading activities and the launch of Binance US.
Even if those events are more related to bitcoin trading than ripple trading, we all know that what is good for bitcoin is often good for the whole cryptocurrency market. BTC trading is a great way to bring capital and liquidity into the crypto-market. Then sooner or later, investors will start looking for ways to diversify their crypto-portfolio and pay more attention to cryptocurrencies with smaller denomination such as Ripple XRP, Stellar Lumens XLM and Cardano ADA.
Now that's the price has broken out of the trading range, a quick ripple price analysis clearly shows that the next target is to break above the $0.28 resistance area and turn it into a support area. This would mean that summer 2019 was the last chance for XRP investors to acquire 4 tokens for $1.
But even if someone was coming to the market right now and bought at today's price, the potential return on investment is still astronomical as we are still a long way from the previous Ripple XRP all time high of $3.30.
That being said, time is of the essence because once the ripple coin price starts moving up, it is just like a XRP Dragon, it is moving very fast and straight up.
We have always been very bullish on the Ripple company.
From a fundamental point of view, we can clearly see that their business developments and partnerships had a great ripple effect on the MGI stock price which basically moved like a rising phoenix. We will soon see an impact of even greater amplitude on the ripple coin price action.
This is our personal opinion and this is not financial advise.
Please do your own research and feel free to share your views with the XRP community.
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