After experiencing a substantial rise on August 14th, XRP made it through the correction zone with minimal losses. Ripple is currently trading at 1.25 dollars, showing a dip of 2.55%. But if the cryptocurrency manages to cross 1.40 dollars this week, it is set to cross 1.50 dollars without any opposition.
Once Ripple dipped to 1.09 dollars, the market expectedly flooded to buy XRP. The trend continued for three days until Ripple went back to 1.30 dollars.
Long-term sellers attempted to squeeze quick sellers on August 21st. However, the attempt failed as XRP bounced back from the descending trend coming from April 14th. It shows that the community must never underestimate the purple line alongside the descend marked up on the bulletin boards.
XRP is expected to cross 1.35 dollars in the short term, equalling its previous week’s high. The cryptocurrency must experience a retest to rally to 1.40 dollars and further seamlessly. It will wash away the short-term traders, allowing traders to rebuy XRP below 1.40 dollars.
With the trend unraveling, users should expect XRP to jump again as only buyers will stick to the crypto. In addition, prices will surge as sellers expect shorting, allowing buyers to control the crypto’s price once again. After crossing the 1.40 dollar mark, 1.50 dollars emerges as the next logical target.
Ripple should reach the target within a week of breaching 1.40 dollars. With the running risk-on sentiment in the sector, it will act as an additional tailwind for traders. However, the case against the SEC still plays a crucial role in Ripple’s future. Even a slight hit can cause its price to plummet, so traders must keep up with the case to formulate reasonable deductions.