The XRP price is struggling as investors continue reflecting on the latest Coinbase earnings. The Ripple price is also under pressure after the developers revealed plans to provide more liquidity solutions to financial services companies. It is trading at $1.2242, which is about 6% below the highest level this week.
What happened? Ripple, like most cryptocurrencies, retreated sharply in the evening session. This happened after Coinbase, the second-biggest cryptocurrency exchange in the world, published weak quarterly results.
The XRP price also reacted negatively to the launch of Ripple’s liquidity platform for companies. In an announcement, Ripple Labs said that it will launch Ripple Liquidity Hub, which will solve key challenges faed by enterprises. This solution will help them eliminate pre-funding requirements in order to free up working capital. The product will be launched in 2022. In a statement, Asheesh Birla, the RippleNet GM said:
“So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop-shop for buying, selling and holding crypto assets that has powered our own extensive work with financial institutions.”
The company has already announced the first partner for the product. Coinmae, which is a leading provider of bitcoin ATMs, will use the service to boost its solutions to customers. So, what next for XRP price?
Turning to the four-hour chart, we see several things that happened recently. For one, as shown in red, we see that the XRP formed a cup and handle pattern. In price action analysis, this pattern is usually a sign of a bullish continuation. The upper part of the cup was at $1.2305 while the lower side of the handle was at $1.100.
The Ripple price managed to move above the upper part of the cup and handle pattern and reached a high of $1.300. Now, it has formed a break and retest pattern, where it has retested the upper part of the cup.
Therefore, this is a bullish aspect, meaning that the price will likely keep rising as bulls target the next key resistance at $1.50. A move below the key support at $1.100 will invalidate this view.
This post was last modified on %s = human-readable time difference 07:51