Plan to trade XRP? Here’s what you should now
XRP has undergone a sharp short-term price correction after trading within a consolidated zone for several months despite gaining partial legal clarity that deemed it not a security.
As the new week begins, XRP and the broader cryptocurrency market face critical moments, with all eyes on the anticipated spot Bitcoin (BTC) exchange-traded fund (ETF) approval. This event is closely monitored for its potential impact on the market.
In this line, crypto analyst Cryptoinsightsuk, in an X (formerly Twitter) post on January 7, highlighted the significance of this event and its potential influence on the trajectory of XRP. From his perspective, XRP is poised for a breakout, but investors need to monitor various developments closely.
The expert emphasized the importance of XRP holding a weekly close above $0.5636. This level is considered pivotal, with XRP having reacted to it multiple times over the past seven years, both as support and resistance.
The analyst pointed out that the current technical characteristics of XRP resemble those of previous bear markets.
He also observed a tight consolidation structure in XRP. From a technical standpoint, the rising consolidation is considered a more bullish structure than that seen in 2017.
