One of the few risers today is Ripple (XRP). The coin managed to gain about 5%. Over the past seven days, we saw a decline of about 4%. XRP is ranked 6th by market value at the time of writing.
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What is Ripple?
It is very important to understand the difference between XRP, Ripple and RippleNet. Ripple is the umbrella company that operates XRP and RippleNet. XRP is different from Ripple again. This is the currency that runs on the digital payment platform RippleNet that is on the distributed ledger ‘XRP Ledger’. Although Ripple manages XRP, the XRP Ledger remains an open-source network. The goal of XRP is to be a fast, cheaper and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.
Why is XRP rising in value?
The increase could be explained by a development in the long-running lawsuit between the Securities and Exchange Commission (SEC), US financial market regulators, and Ripple. In the lawsuit, new documents have been released showing that Ripple’s legal assistants already told Ripple in 2012 that they should not offer their XRP tokens in certain ways because the tokens could then be sold as securities of commodities could be seen. Ripple has adhered to this neatly.
This is another positive development in the lawsuit as Ripple now has evidence that they already took into account in 2012 that they wanted to comply with the correct laws and regulations and actually did so.
Technical analysis
The price of XRP has since the previous analysis not much changed. However, it is clear that the price was not able to break out of the triangle pattern. The test at the top of the pattern also stuck at only one retest† It is also clear that the candle peaks of the past few days are getting lower and lower. So these peaks follow the pattern perfectly. As indicated in the previous analysis, it is a neutral pattern so we cannot say in advance which way we are likely to break out. So this is still a while to wait.
What are the expectations for the coming period?
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