🪙Three Altcoins Poised..................
............. to Recover Their Losses🪙
PART THREE
3️⃣ Ripple
Over the past two months, Ripple's price has been squeezed following the sharp drop in April. The cryptocurrency broke out of a symmetrical triangle formed by lower highs and higher lows, leading to a 25% decrease in value, which matches the height of the triangle. This move completed the triangle formation.
In July, Ripple reversed its direction and began an upward trend, driven by increased demand and speculation about a potential deal between Ripple and the SEC to resolve the long-standing lawsuit.
Ripple recently tested the $0.60 area but has paused since then. For the rise to continue, concrete developments regarding Ripple's case are necessary. Without positive news, the speculation-driven price increase might reverse, potentially causing Ripple to drop to around $0.50.
Conversely, a weekly close above $0.60 will be significant, as it will re-establish the ascending channel from July 2022 and surpass the 0.618 Fibonacci level.
If the demand for XRP remains steady, the short-term targets are $0.65, $0.72, and $0.80 after $0.60. Current short-term support levels are $0.57, $0.53, and $0.49.