July 16, 2024

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The XRP worth has been swimming in opposition to the tide and continues to indicate power in opposition to bigger cryptocurrencies, corresponding to Bitcoin and Ethereum. A possible settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple may proceed to immediate this cryptocurrency to the upside.

At the time of writing, the XRP worth trades at $0.52 with sideways motion within the final 24 hours and a 17% revenue within the final week. As NewsBTC reported final week, the cryptocurrency broke out of a significant draw back trendline hinting at future appreciation with a goal set at its present ranges.

XRP’s worth tendencies to the upside on the 1-hour chart. Source: XRPUSDT Tradingview

XRP Chills Before Taking Off? Consolidation Might Be Key

In late September, the XRP worth was in a position to attain the center space of its present ranges at $0.55 earlier than starting a descend to a month-to-month low at $0.44. As seen within the chart beneath, as information a couple of potential settlement within the case in opposition to Ripple grew to become public, the cryptocurrency modified the pattern breaking above the next sample.

XRP price XRPUSDT
Source: DaanCrypto by way of Twitter

Before breaking out of that trendline, XRP moved sideways for some time presumably gaining momentum for its upside transfer. At the time of writing, as BTC and different bigger cryptocurrencies lose bullish momentum, the XRP is likely to be on the same path of consolidation earlier than breaking out.

As identified by a pseudonym trader, the $0.50 space is a significant resistance for this cryptocurrency as it’s a multi-month excessive that was a headwind for any potential rally. Over the weekend, the trader stated the next on XRP and its potential to proceed its bullish momentum:

$XRP Still actually liking the power proven by XRP. Watching this LTF triangle proper now. Break that and we will try the HTF 0.5-0.51 resistance. So be a bit cautious as we’ve not damaged out but. If it does that, we will anticipate greater.

Macro Factors Might Stand In The Way Of XRP

In the approaching days, the crypto market is poised to be impacted by a spike in volatility because the U.S. Federal Reserve (Fed) might reiterate its aggressive financial coverage. Thus, negatively impacting XRP and different digital property.

If bulls are unable to push past the XRP worth present ranges, then the cryptocurrency is likely to be sure to a re-test of its earlier help zone at round $0.49. Data from Material Indicators exhibits that XRP has a major ask (promote liquidity) simply above its present ranges.

In addition, XRP’s worth motion is at present being bought by most traders except for traders with bid orders of over $100,000. These investor class (whale on the chart beneath) train a number of affect on the value motion and may proceed to permit XRP to take a second push greater in the event that they proceed to help it by countering promoting orders.

XRP Price Chart 3 XRPUSDT
Large traders help the XRP worth on low timeframes. Source: XRPUSDT Tradingview



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