- Ripple set to hit $8 and then $14 based on the Elliot Wave theory as highlighted by “JOKER,” a popular analyst.
- The On-Demand Liquidity (ODL) transactions make up a fifth of the total RippleNET volume.
According to “JOKER” (not his real name), a renowned cryptocurrency analyst and definitely an XRP bull, the third-largest cryptoasset is soon heading to $14. According to a recent tweet by the analyst, “the days to accumulate XRP below $1 are numbered.”
I won’t be surprised to see #XRPUSD at $14.
The days to accumulate #xrp below $1 is numbered.
DT-399 algo triggered the buy signal on the daily chart. The last time #xrp pumped to $3.
Given the Elliot waves theory, wave 3 can target $8 and Wave 5 targets $14. #XRPCommunity pic.twitter.com/06x4Kyo6JM
— JOKER (@KiaCrypto) August 14, 2020
Ripple price on Monday extended the bullish action above $0.30. The bullish leg stepped above $0.32 and tested the resistance at $0.3250 before a reversal came into the picture. At the time of writing, XRP/USD is trading at $0.3150 amid a struggle by the bulls to build on the gains above $0.30 and reclaim the ground beyond $0.32.
XRP dominates transactions on RippleNet
As XRP price recovers in tandem with other major coins like Bitcoin and Ethereum, apparently 20% of all the transactions recorded on RippleNet are supported by On-Demand Liquidity (ODL). According to Ripple’s CEO Brad Garlinghouse, ODL transaction volume increased 11 times in just one year. Garlinghouse took to Twitter in response to an article on Financial Times that claimed that Ripple is going back to the drawing board after not being able to gain traction with commercial banks.
Indeed, there are a number of strategic Ripple partners that have refused to go anywhere near XRP like Santander Bank, however, there are many more banks and payments providers such as MoneyGram and FlashFX that have embraced the cryptocurrency fully.
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