US Asset Management businesses are expected to file Ripple (XRP) ETF applications with the SEC in April 2024.
The crypto market is keenly monitoring developments with Bitcoin spot ETFs, which are likely to have a substantial influence.
Ongoing legal challenges in the cryptocurrency field, such as Zakinov vs. Ripple, are impacting investor attitude and appetite.
According to Coingabbar Price Analysis, The XRP price is currently influenced by a triangle pattern, suggesting a potential extension of its sideways trend.
Within this pattern, there is a possibility of renewed buying interest at the lower trendline, as observed by market participants.
Despite a broader market sell-off on January 3rd, XRP displayed a rejection at the support level, signaling sustained buying activity.
Examining the daily chart, a downward-sloping resistance trendline acts as a significant barrier, preventing a prolonged correction for this altcoin.
As long as the chart pattern remains intact, the XRP price is anticipated to maintain its sideways movement.
To resume its recovery trend, XRP requires a bullish breakout from the triangle pattern.
A successful break above the overhead trendline holds the potential to provide substantial support for a sustained directional trend.
Conversely, a breakdown below the triangle pattern could lead to a dip below the $0.4 mark for the altcoin.
KEY LEVELS :
RESISTANCE LEVEL : $0.5700-$0.5900
SUPPORT LEVEL : $0.5350-$0.5150
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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