10.11.202118:49 Forex Analysis & Reviews: Ripple token prepares for a bull rally in November

The bull market has pleased investors on Bitcoin and Ethereum's new ATH, while the rest of the coins are gradually getting closer to new highs. And under the guise, the old guard of cryptocurrencies, like LTC and XRP, are being activated, which have started a powerful bullish rally to important marks.

And if Litecoin lost more than a billion dollars and quickly deflated, then the Ripple asset was slowly but surely moving towards the opportunity to launch a bullish rally. In addition to a number of local victories over the SEC, a 400% increase in token sales, and the expansion of cross-border transactions, the project has many important announcements that portend a positive end to the coin in 2021 and a confident start in 2022.

The first and most important change in Ripple's policy was the course towards the development of its own blockchain and the ecosystem as a whole. The first step towards this was a kind of "rebranding," thanks to which the coin will get access to the Ethereum blockchain. However, the company subsequently announced a larger project, the essence of which is to launch a service for storing cryptocurrencies (BTC, ETH, LTC, XRP, ETC.).

The project is called Ripple Liquidity Hub and will be launched in 2022. Thanks to this project, institutions will be able to conduct operations with cryptocurrencies. The algorithms of the project will be sharpened to provide customers with the best prices for digital assets from exchange and over-the-counter platforms, as well as market makers. In the future, Ripple plans to expand the range of cryptocurrencies, add support for NFT projects, and also add the possibility of farming and staking digital coins.

Thanks to this fintech project, Ripple intends to expand interaction with the key audience of the largest cryptocurrency markets and invest in the development of related industries of the ecosystem.

In addition, the company has launched a $100 million fund to support the authors of NFT projects based on cryptocurrency. The rapid development of the token occurs with a constant divergence of the market value of the asset and on-chain activity. It is worth noting that this gap has begun to narrow due to increased market attention to the Ripple project and the resumption of investment flow from large companies.

The current upward dynamics will most likely continue until the end of the year, as the market saw a prospect in the actions of the issuer, and, most importantly, this confidence began to transform from on-chain to market.

Despite all the positive, litigation continues, and, according to the latest news, the SEC has requested additional files from Ripple about the negotiations, which may contain the information necessary for the regulator. However, judging by the activity around the coin, the market believes in a speedy resolution of this conflict through compromise and the signing of a settlement agreement.

Thanks to the positive mood of the market and faith in the project, the cryptocurrency quotes broke out of the vicious circle and began to strengthen near the important resistance level at $1.4. The breakdown of these peaks this week will inspire confidence in investors that Altcoin is ready to resume a bullish rally. The final area that will mark the end of the long-term correction of the XRP token will be the maximum line from April 2021 at $1.96.

A confident bullish breakdown of the resistance zone at $1.27-$ 1.29 became an important signal on the four-hour chart. Due to the confident movement to the upside, the coin has risen in price by 5% over the past day, and technical charts indicate the continuation of upward dynamics.

In case of a confident breakdown of the $1.96 mark, the cryptocurrency will continue its upward movement with pauses for local corrections up to $2.86. However, to implement such a scenario, it is necessary to make a breakdown of $1.4, which will open the way for the coin to the September maximum, after which there will be a powerful corrective impulse and a collapse to local lows.

Judging by the confident upward movement of technical indicators and the confident movement of the supertrend line, the coin has every chance to break through the $1.4 level before the end of this week to confirm the market's confidence in the potential to reach new heights within the current bull market.