Is XRP Rising On IPO Rumors Or Technical Setup?

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Last Updated on 2 May 2021 by CryptoTips.eu

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XRP has seen a bullish few days as of late which took it all the way from its recent low of around $1 back to $1,60, even nearing $1,70 overnight between Saturday and Sunday.

Since the start of the year, the coin of Ripple Labs is up more than 600% even though it’s still engaged in a drawn out battle with the SEC. Rumor has it that CEO Brad Garlinghouse plans to take the company public as soon as the trial is over.

Meanwhile technical analyst Scott Melker claims that the current setup looks very bullish.

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IPO rumor

Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, is one of the largest shareholders of XRP. Speaking on an earnings call this week, he claimed that their bet in Ripple Labs would pay off as the company would follow in Coinbase’s footsteps and be considering an IPO soon.

Mr Kitao said:

After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.

Referring to Executive Chairman Chris Larsen and CEO Brad Garlinghouse.

Given the fanfare Wall Street and worldwide media made around the Coinbase IPO, a Ripple Labs IPO would indeed be very bullish news.

The SBI Group CEO then added why he believes in XRP so dearly, saying:

We have been investing in fintech companies and we adopt that technology in our group and also we spread that technology across the industry. That is SBI Group’s basic strategy.

Cup and handle

Speaking to his fans on a podcast, Scott Melker, the technical analyst who tweets under the moniker Wolf of All Streets, claims he’s seeing a very bullish setup for XRP as well, with a recognizable cup and handle pattern.

He stated:

You know why this time it’s different, because the SEC is watching them and they can’t send coins to the exchanges to dump on you, so this is what happens.

Scott claimed people should just make your money on XRP he furthermore spoke about the weekly volume which has significantly changed since the beginning of the year and the fact that a $2 or even $3 target is possible in the short term.

In essence, Scott admitted that:

This looks bullish as shit.