SEC's silence on the long-pending case has left investors in a state of uncertainty. Despite this, trading volume for XRP has surged. If XRP maintains a daily price above $0.60, it confirms a bullish trend and is likely to reach $0.72, regardless of the SEC's decision. While XRP presents a promising long-term investment, it remains high-risk due to the unresolved legal issues. Conversely, if the price falls below $0.56, a bearish trend is likely to emerge.
Bullish Scenario:
The chart shows XRP trading above the critical support level of $0.60. This level acts as a foundation for bullish momentum.The recent upward trend, highlighted by the price maintaining above the EMA 9 (Exponential Moving Average) line at $0.5932, indicates strong buying interest.If XRP can sustain its price above this support line, it could target the next resistance level at $0.72, confirming a bullish trend.
Bearish Scenario:
The chart also indicates a critical support level at $0.56. A fall below this level would suggest a bearish outlook.The EMA 9 and the price level at $0.5913 serve as immediate indicators to watch. If the price fails to stay above these levels, it could signify weakening momentum.A drop below $0.56 could lead to increased selling pressure, confirming a bearish trend.
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