One coin that has gained some decent price action off recently is XRP the digital asset linked to Ripple Labs. The recent appreciation comes at a time that there are emerging rumours that Ripple is likely to launch a Ripple Initial Public Offering (IPO) and due to this, some market analysts suggested that the altcoin is likely to appreciate.
Over the past several weeks, XRP established a trading in a tight range but recently it has gained a nice boost which reflects an overall increase in the entire cryptocurrency market. Such move has induced speculations about the possibility of XRP break out with some analyst suggesting that IPO announcement will be the possible reason.
Linqto’s XRP Pre-IPO Promotions Fuel Investor Expectations
This up and coming private investment platform, Linqto, sought to make the waves by publicising Ripple pre-IPO stock investments. The platform’s decision also resonates with Ripple’s time-honored goal of reforming global payments with XRP, although its chief executive, Brad Garlinghouse, has pointed out that it is still unclear whether Ripple will be able to list its IPOs on U.S. markets.
However, there have recently been such promotions in the IPO segment from Linqto, which has only intensified expectations; while market participants closely monitor any news coming from Ripple with regard to IPO preparations.
Recent tweets from Crypto analyst have revealed that XRP is at its crucial support and resistance levels with $ 0.4850 and $0.4864. Continued support above these levels completes the picture described by the analyst, a formation of the basis for a $0.66 rally.
Nonetheless, a decline below $0.4864 might lead to testing thevalue of $0.3917 as the new support level, suggesting that the cryptocurrency’s price is highly likely to be volatile as the market continues to digest these rumors.
XRP is stated to be in 5-wave Elliott Wave pattern and it could be turning bullish after breaking the orange trend line. This pattern, known in technical analysis, illustrates the price support and resistance level, and strengthens the hypothesis of an approaching rally in case if the breakout.
As in the time when this article is being written, XRP Cryptocurrency is trading at $0.5203 and has risen by 1.92% within the last one day. There is a specific momentum analysis tool called Moving Average Convergence Divergence (MACD) indicator is almost close to zero level; at this level, there is possibility of a price reversal if this indicator turns to positive level.
As the expectations surrounding Ripple’s IPO intensify, both technical drivers and underlying value may send XRP even higher. Currently, investors are waiting silently to see if approvals and market movement will lead to an upward surge of the altcoin price in the subsequent weeks.
