Ripple is poised for double-digit gains, even as analyst says XRP is not for retail

• The Ripple protocol is not built for retail consumers and does not govern the price, according to a crypto researcher.
• XRP was trading at $0.59 on Wednesday.
• XRP could extend gains by 11% and target $0.66, a key level for the altcoin.

Ripple (XRP) is trading at $0.59 at the time of writing on Wednesday, August 21st. A crypto researcher claims that the XRP Ledger’s native token is not created for retailers and does not govern the retail price.

Daily Market Reasons: Ripple Protocol Not Intended for Retail, Researcher Says

• The researcher behind the X handle @SMQEDQG says: “The Ripple protocol is not built to interface with consumers and businesses and does not govern the retail price.”
• The researcher states that the protocol allows financial institutions to pass on some of their cost savings to their end customers.

• KUWL Researcher Rob Cunningham asks XRP traders to ignore the uncertainty and developments in his recent tweet:

• Ripple USD announcements and XRP Ledger testnet reset are the two key components of the market for the native token of XRPL.
• Traders are digesting the final outcome of the Securities & Exchange Commission (SEC) lawsuit against Ripple, while it remains to be seen whether the US financial regulator will appeal the ruling.

Technical analysis: XRP could rise 11% to target $0.66

XRP hovered around the key psychological level of $0.60 on Wednesday. XRP Ledger’s native token is poised for further gains and could rise 12% to $0.66. This is the 50% Fibonacci retracement level of the decline from the July 13 high of $0.9380 to the July 5 low of $0.3823.

XRP may face resistance at the Fair Value Gap (FVG) between $0.5970 and $0.6217, as seen in the XRP/USDT daily chart below.

The Relative Strength Index (RSI) shows 55.97, which is above the neutral level.

XRP/USDT Daily Chart

XRP could find support at $0.5845, the altcoin’s August 18 high.