- Summary:
- We explain whether the Ripple price is a good asset to invest in August 2021. We also explain the next key level to watch in the near term
The Ripple price is up for three consecutive days as investors reflect on the positive news about the ecosystem. The XRP jumped to $0.8942, which was the highest level since June. As a result, the coin’s market cap has jumped to more than $40 billion.
Ripple news
With no details coming out about the ongoing Ripple vs SEC case, investors have focused on other details. For example, in a report on Tuesday, Tranglo announced that it had received a new approval by the Monetary Authority of Singapore (MAS).
The new approval will see the company provide services like issuance, domestic money transfer, and e-money issuance services. This was a notable thing since Ripple acquired a 40% of Tranglo a few months ago. Other recent partnerships that Ripple has done are with SBI International and Coins.ph.
The XRP price also rose after Ripple announced a new partnership with GME, a South Korean company. In a statement, GME said that it will use Ripple’s On-Demand Liquidity (ODL) service in its money transfer services. In a statement, the firm said:
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
Ripple price prediction
In my XRP price forecast for August, I wrote that the coin will likely keep rising during the month as demand rose. This prediction was right since the price has jumped by almost 50% this month. The coin has jumped above the 25-day and 50-day exponential moving averages. The MACD has also moved above the key neutral level, which is a bullish thing. Also, the price has formed an inverted head and shoulders pattern.
Therefore, I suspect that the coin will likely keep rising as bulls target the next key support at $1.5, which is about 60% above the current level. However, a drop below the key support at $0.50 will invalidate this view.
