XRP gained on Tuesday: what’s next for Ripple
XRP price (XRP/USD) on Tuesday edged higher 3.23% to extend gains of the last five days.
The XRP is the native currency that runs on the digital payment platform, RippleNet.
The RippleNet payment platform is an RTGS created to facilitate instant funds transfers globally.
On Tuesday, XRP price (XRP/USD) gained 3.23%, extending the gains accumulated over the last five days. Ripple is the native currency for RippleNet, which is created on the XRP Ledger. The payment platform is a real-time gross settlement system (RTGS) created to facilitate instant monetary transactions internationally.
The XRP is one of the most popular cryptocurrencies with a fully-diluted market cap of over $112 billion. In the last 24 hours, XRP trading volume fell by about 6.78% to $3.55 billion.
In the latest developments, Saudi British Bank said it will leverage Ripple’s technology in order to provide its clients with instant USD settlements, further providing a fundamental boost to the XRP currency.
It could be time to buy the rally
From an investment perspective, the XRP appears closer to completing a bullish breakout from a descending channel formation in the intraday chart. Ripple bounced off the key support at about $0.94 last week.
Therefore, investors could target extended gains at about $1.2300, or higher at $1.3226, amid a potential breakout. On the other hand, if the trendline resistance remains resilient triggering a pullback, the XRP could find support at $1.0411, or lower at $0.9411.
In summary, with the XRP/USD price yet to reach the overbought conditions of the 14-day RSI, a channel breakout seems more likely, giving buyers an exciting opportunity.