Ripple Leads the Top Gainers, Did XRP Price Undergo a Short-Squeeze?
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
The XRP price surprised with its great movements in the last couple of days, rising more than 62% since the beginning of the week. The main reason for the rise is supposed to be the comments of Ripple CEO Brad Gardlinghouse, who believes that a solution may be around the corner. Liquidity flowed into the asset, causing the price to inflate by over 60%, surpassing Bitcoin and Ethereum.
Despite ongoing litigation against the SEC, Ripple continued to grow as it has invested nearly $500 million in over 60 companies in the crypto space. In addition, the swirling emotions of the market and belief in the closure of the case have also paved the way for a gigantic rise in the price of XRP.
With the acceleration, the asset has successfully crossed a multi-year descending trend line and flashing bullish signals of a 2- or 3-fold rally soon.
Therefore, XRP price rose high and hit ATH at $3.84 from the $0.01 level. Now, with the price hovering around $0.5, the analyst believes that the asset may go parabolic for the next 9 months and mark a new ATH.
Does Short-Squeeze work well on XRP price?
XRP price rose spectacularly after a long-term consolidation below $0.45 for over 3 months. While XRParmy seemed a little annoyed by the sideways trend in the asset, a clear opportunity for a short squeeze emerged.
A similar attempt was made on the Celcius Network, where the price of CEL increased by over 200% as a result of a short squeeze. Therefore, if the measured effect has the same effect, the XRP price could be due for a monstrous rally to reach $1.65 in the next 6-8 months.
XRP price ignited a strong rally immediately after breaking out of the symmetric triangle. After reaching immediate resistance at $0.4362, the price started to stumble a bit, possibly due to the rise in XRP short bets. However, the asset consolidated for a while and quickly rose high as the shorts destroyed the huge buying volume.
In addition, XRP price continued to form bullish flags and rose high, maintaining a steady rise, leaving no room for bears to swell. Taken together, Ripple's CEO's positive comments on the ongoing Ripple vs SEC litigation turned out to be a boon for the fortune. Hence, the price is expected to continue to flourish in the coming days until it reaches $1.
Was this article helpful?
[ad_2] Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase