This is an updated analysis from my piece nearly about a month ago (https://www.tradingview.com/chart/XRPUSD...). In the article I have mentioned that having patience will pay off (everything moved 2 times slower than I had anticipated). Our patience may now be paying off as, from a perspective, price has just broken from the accompanied by over twice the moving average in . Furthermore, the break-out has occurred over 80% of the width of the (start to apex = 109/136). I find that break-outs above this length are very powerful.
On to a more , there has been very strong rumours of the potential interesting partnerships Ripple may have with chinese companies (Alibaba was the subject of one of the rumours found here: https://www.xrpchat.com/topic/8353-debun... however it was debunked that they were running a validator node). The idea still stands that Ripple is very interested in expanding into China (which is confirmed: https://www.coindesk.com/ripple-confirms...). Add this to the fact, that the break-out coincides with Ripple's teaser post on twitter that the next 3 days will be heavy loaded with announcements (https://twitter.com/Ripple/status/899725...), supports the break-out. There is a very high possibility that specific expansion plans into China may be announced.
On the subject of China, the amount of cross-border payments in the country has seen remarkable increase, in 2015, the " B2B ecommerce sector ... attracted over 5 billion yuan in 2015; a year-on-year increase of about 699%." (https://www.thepaypers.com/expert-opinio...). If Ripple can obtain some market share into such a rapidly growing market, it would no doubt be beneficial to Ripple as a company and their token XRP which further reduces costs in payments.
Things to look out for over the next 3 days (Ordered to what I think is most to least important):
. Expansion plans into China
. Any expansions into other regions of the world (Miguel Vias has stated that we: "will see some very interesting developments with respect to our partnership in payments, with respect to XRP in particular" this quarter).
. Escrow - Lockup date
. SBI live tests date
. More bank partnerships
. Extension of Ripple's use into not just between banks but between businesses
. Ripple beginning to take some market share (through partnerships with banks) in the forex market. The forex market turned over "$5.1 trillion per day in April 2016 (http://www.bis.org/publ/rpfx16.htm). If Ripple can take some of this market share, it would be an undeniable win for the company. This may be a bit further on or a stretch, but Ripple has been working amazingly fast given they are negotiating with institutions.
Overall, the break-out we have seen is fuelled by technical, fundamental and news related aspects. This reassures me that it may not be a bad idea to buy into XRP at this moment. I reiterate my conservative $0.52 target and look forward to what Ripple has to offer over the next 3 days of "mind-blowing #content and #speakers"!
Thanks for reading, feel free to leave any comments if you would like to add something or see something you disagree with. Feedback is always welcome!