- XRP price has turned into a new opportunity with high probability.
- Yesterday, Ripple rewarded its dipping buying philosophy.
- The 43rd US Treasurer joins Ripple’s board of directors.
XRP price opportunity started as an inverse head and shoulders pattern, but it has evolved into a bullish cup shaped base with a handle on the intraday charts. The attractive turnaround has put Ripple on the cusp of a massive rally, putting all-time highs within reach of speculators.
Former US Treasurer Joins Ripple’s Board of Directors
To begin, it is necessary to note that Rosa Gumatotao Ríos, the 43rd US Treasurer, has joined Ripple’s board of directors. She served as treasurer from 2009 to 2016 under the Obama administration.
As a treasurer, she led all coin and coin production activities with an annual budget of $5 billion. In general, her career has primarily focused on economic development, urban revitalization, and real estate finance.
In a Ripple blog post, Rios emphasized its commitment to financial inclusion and empowerment and how innovation plays an important role in this endeavour. It also articulated the view that cryptocurrency is what and Ripple is the way.
I have dedicated my career to financial inclusion and empowerment, which requires delivering new and innovative solutions to established operations. Ripple is one of the best examples of how cryptocurrency is being used in an intrinsic and legitimate role to facilitate payments globally.
It’s an interesting coup for Ripple, given the ongoing battle with the Securities and Exchange Commission and whether XRP will be designated as a security or as a currency. No doubt, Rios’ appointment adds the credibility needed for Ripple to navigate the corridors of US political and legal institutions.
XRP Price Fights Skeptics
On April 29, XRP price released the neckline of an inverted head and shoulders pattern, lifting Ripple by 13% for the day. At the time, the expected move to bottom was $2.47, or a 70% gain from the neckline. The expected rally would crush the psychologically important $2.00 level and the 61.8% Fibonacci retracement of the 2018-20 bear market at $2.08.
XRP price failed to benefit from the superior breakout. It slipped a little lower and even jumped 13% today, reclaiming the neckline of an inverted head and shoulders pattern and triggering the possibility of a teacup base with a handle.
Trading above $1.66 will trigger the ripple base with a handle and will provide new bulls with an opportunity to take advantage of the entry price at the right time. XRP price will face resistance at the April 13 high of $1.96, but the most important challenge will be $2.00 and $2.08. An acceleration higher should push XRP price to the inverted head and shoulders measured target at $2.47, a 70% gain from the neckline breakout on April 29th.
This view focuses on the movement target measured with a handle at $3.16. To fulfill the thesis predictions, XRP price will have to overcome the 78.6% Fib resistance of the 2018-20 bear market at $2.61 and then $3.00.
A rise of this magnitude would put the price of XRP within reach of its 2018 high of $3.30.
XRP/USD 12-hour chart
Ripple is a classic high-risk, high-return cryptocurrency opportunity, and for this reason, speculators should be aware of critical support levels. A drop below the lower handle level at $1.31 might be a warning that the price of XRP is vulnerable to a bigger pullback and, as a consequence, a more complicated process from the bottom.