Ripple Labs' legal battle with the SEC significantly impacts XRP's market outlook and investor sentiment.
Despite increased volatility, XRP has not been able to surpass $0.75 after retracing.
XRP fell from $0.60 to $0.42 and recently breached a consolidation zone.
Yesterday, a long lower shadow formed on the daily chart, and XRP subsequently broke past the $0.50 psychological resistance.
Currently valued at $0.5200, $XRP experienced a 4.40% climb in 24 hours, attributed to Bitcoin's halving.
XRP's price has fluctuated between $0.75 and $0.46 for over a year.
The monthly chart pattern of $XRP/USD reveals a six-year consolidation within a symmetrical triangle.
According to Coingabbar analysis, breaching $0.5000 could initiate a bullish trend, propelling Ripple price above $0.5600.
Conversely, a pullback below the ascending trendline may trigger a sell-off towards the $0.4200 support level.
KEY LEVELS :
RESISTANCE LEVEL : $0.5400-$0.5700
SUPPORT LEVEL : $0.4700-$0.4200
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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