{"id":310099,"date":"2021-07-28T14:28:57","date_gmt":"2021-07-28T11:28:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape\/"},"modified":"2021-07-28T14:28:57","modified_gmt":"2021-07-28T11:28:57","slug":"xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape\/","title":{"rendered":"# XRP price skyrockets by 17% as double bottom chart pattern takes shape"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29beef5e899\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29beef5e899\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape\/#Positive_news_boosts_XRP_price\" >Positive news boosts XRP price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape\/#Technicals_skewed_to_upside\" >Technicals skewed to upside<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># XRP price skyrockets by 17% as double bottom chart pattern takes shape <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>XRP price swung higher on July 28 as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Positive_news_boosts_XRP_price\"><\/span>Positive news boosts XRP price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Ripple blockchain&#8217;s native cryptocurrency, also ranked as the sixth-largest digital asset by market cap, reached its one-month high of $0.759 after rallying 17.73% intraday. At a monthly low, it was changing hands for as little as $0.514.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/563ebf16-a08e-4d07-98ba-97850522322f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>XRP sustains its uptrend amid a market-wide bullish mood. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The bullish boost came over a partnership between Japan&#8217;s\u00a0largest money transfer provider SBI Remit and Philipinnes-based\u00a0mobile payments service Coins.ph. With additional assistance from SBI&#8217;s\u00a0digital asset exchange platform, the duo aims to use Ripple&#8217;son-demand liquidity (ODL) to offer\u00a0more affordable remittance options for the Filipino diaspora in Japan.<\/p>\n<p>ODL via Ripple&#8217;s xRapid cross-border payment service enables parties to send funds using XRP as a bridge currency. In simple words, the sender first converts the local fiat currency to XRP and sends it to the receiver via the Ripple blockchain. In turn, the receiver, upon getting the XRP tokens, converts them back to their local currency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technicals_skewed_to_upside\"><\/span>Technicals skewed to upside<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>XRP&#8217;s latest jump also activated a classic technical setup known as the Double Bottom, suggesting that Ripple&#8217;s token might undergo an extended bullish momentum in the interim sessions.<\/p>\n<p>That is because Double Bottoms are bullish reversal chart patterns. They <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear when an asset drops, rebounds, drops again to the same or similar level to rebound back. The twice-touched high is called neckline, which, if broken to the upside, expects to send the prices as high as the distance between the neckline and the Double Bottom support.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/6807d3f9-baec-4937-bf14-c71b17c6867b.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>XRP is forming a double bottom pattern. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The maximum Double Bottom pattern height comes to be $0.25. Therefore, breaking above the neckline (near $0.75) could have XRP traders eye $1 as their next upside target. <\/p>\n<p>Providing support to the Ripple token is also an upside momentum in the broad cryptocurrency market. It began after Tesla chief Elon Musk revealed that his private rocket company SpaceX holds Bitcoin, the world&#8217;s leading digital asset by market cap. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin hits $40K after a 6-week absence, but on-chain activity is &#8216;somewhat bearish&#8217;<\/em><\/strong><\/p>\n<p>The disclosure came during the B-Word Conference last week, also attended by Ark Invest&#8217;s Cathie Wood and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>&#8217;s Jack Dorsey. Dorsey called Bitcoin a big part of Twitter&#8217;s future, noting that it is the de-facto currency of the internet.<\/p>\n<p>Bitcoin&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptowat.ch\/correlations\">30-day realized correlation<\/a> with XRP was 0.75 at press time, indicating the assets&#8217; likelihood of moving in tandem. BTC price is up over 7% in the past 24 hrs, trading over $40,400 at the time of writing.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/xrp-price-skyrockets-by-17-as-double-bottom-chart-pattern-takes-shape\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# XRP price skyrockets by 17% as double bottom chart pattern takes shape &#8221; XRP price swung higher on July 28 as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines. Positive news boosts XRP price The Ripple blockchain&#8217;s native cryptocurrency, also ranked as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":310100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMjMzOTRmMWMtYzM3MS00MzAxLWJjMGYtZTE0Zjg4NTdjYWVlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75034,75557,73785],"class_list":["post-310099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-ripple","tag-xrp","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=310099"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/310099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/310100"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=310099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=310099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=310099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}