XRP is consolidating for a longer period amid Bitcoin’s bullish run. The market’s sideways movement confirms a consolidation phase within an overall uptrend. At the time of writing, XRP is up slightly by 1 percent, trading at $2.4.
XRP is still far below its record high of $3.5505 set in January 2018 amid growing optimism about the US digital asset market. One obstacle facing XRP is the lack of clarity surrounding the SEC’s intentions to contest decisions in the Ripple case. The token is currently the third-largest cryptocurrency with a $139 billion market valuation.
The SEC has until January 15 to submit its opening brief against Ripple. Although SEC Chair Gensler will leave the agency on January 20, he improved his stance on the cryptocurrency sector by promoting crypto-enforcement lawyers to senior executive positions. SEC Chair Paul Atkins has had a challenging start. Markets predict it will take some time for Trump to change his pro-crypto stance and the agency’s long-standing enforcement practices.
XRP’s resilience is supported by the wedge formations on the price chart, which often signal breakouts. Even though there is consolidation, the overall trend for XRP remains bullish. Instead of signaling the start of a downtrend, recent price action seems to be a short-lived pullback. It is crucial to recall that XRP is still above its peak of $1.96 in 2021.
If the price continues to rise, it might challenge its highest point, which is between $3.25 and $3.30, and also happens to be a critical Fibonacci level.
The price must stay above this level for XRP to continue its upward trajectory, and as long as it does, the market outlook is still favorable.
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