- The upside for Ripple Price Is At $1.65 if flag-and-pole continues trend.
- The RSI shows that XRP is currently overvalued.
The Ripple price has jumped from $0.58 to $1.38 – rising by $0.80 – over the last 8 days. So, is XRP going to rise even more? Or, is it overvalued and going to face bearish correction soon? Let’s take a closer look with technical analysis.
Ripple Price Volatility On The Rise
Over the last two days, the Ripple price has been trending around $1.35, after XRP spiked from $1 to $1.37. Prior to today, XRP was trending above the Bollinger Band and the RSI was hovering above 70. Both of these indicate that Ripple was overvalued. However, the Bollinger band had expanded to show that the volatility has adjusted enough to bring XRP back inside the band.
Image: XRP/USD daily
Now, when you look at the 4-hour Ripple price chart, we can see that XRP has completed a couple of flag and pole patterns. If the third pattern is fulfilled, XRP will reach $1.65.
Image: XRP/USD 4-hour
Ripple CTO On XRP’s ‘Biggest Success’
In a recent interview, Ripple CTO David Schwartz explained how newer systems would overtake the pre-established centralized financial frameworks. Schwartz affirmed that digital assets were introduced at the right time. However, he was skeptical about central authorities choosing blockchain technology over the traditional payment systems shortly.
Reza Baqir, Governor of the State Bank of Pakistan, recently asserted that the country is looking to embrace digital technology on the central level. In a CNN interview, he said:
Pakistan is a market that is waiting to burst, as far as digitisation is concerned.
Countries across the globe are slowly adopting and injecting technologies that people like and want to use. That way, the digital marketplace has become even more liquid in its evolution process. Schwartz indicated that liquidity, along with input and output endpoints, would be commoditized in the future.
The biggest success case for Ripple, that I could imagine, would be for us to be completely unnecessary. We’re building technologies not so much because we want to build them, but because they’re necessary for our success case.
Commenting on non-fungible tokens (NFTs), Schwartz said they were a part of the ‘cryptocurrency lure.’ He was, however, optimistic about the technology and emphasized that it was here to stay. The NFT ecosystem doesn’t pay heed to decentralization and censorship resistance.
NFT has a target market that’s not super concerned about how the technology works. And to some extent, that’s how it should be.
Schwartz also emphasized how huge practical problems could be potentially solved by NFTs in the future. He added that NFTs make the marketplace even more competitive. They commoditize the reach and give the customers the “ability to pick the service that’s best for them.” They have the potential to solve real problems in the future, he added.
Ripple Price Is Expected To Reach These Levels
If the bulls stay in charge, the Ripple price will definitely fulfill the pattern and reach $1.65. However, the MACD in the four-hour timeframe shows that market momentum has reversed from bullish to bearish.