The XRP price has rallied 11.50% to $1.570 in early trading Friday on news that Ripple is exploring a potential IPO once the ongoing SEC lawsuit is settled.
SBI Group, Ripples largest backer, revealed on an earnings call that Ripple CEO Brad Garlinghouse has an initial public offering in his future plans.
The XRP price has reacted favorably to the disclosure, breaking clear of recent resistance at $1.456, and now looks set to target the 2021 high at $1.954, 25% higher than its current valuation.
The current XRP price sees the cryptocurrency ranked #4 on the CoinMarketCap Index, with a market cap of $75 Billion. Should the predicted move materialize, the coin would soon find itself closing on Binance Coin’s (BNB) #3 spot.
At $1.95, XRP’s valuation would be around $92 Billion, just shy of BNB’s current $94 Billion value.
XRP Price Technical Outlook
Looking at the 4-hour chart, we note the recent move higher has taken out the resistance at $1.456. The market had failed to break this level on six previous attempts over the last 11 sessions.
On the 21st of April, the market touched $1.456 before wider liquidation in the crypto space saw the price drop -40% in the following 3 days. A further attempt to crack the resistance was made on the 26th and 27th of April; This failure preceded a 12.5% decline to $1.275.
This resistance level now provides technical support. On this basis, bulls may wish to add long positions at the current levels. The upside target remains $1.954.
Should the XRP price trade back below $1.456, this would negate the immediate bullish call.