As the cryptocurrency market fluctuates, enthusiasts pay special attention to the price trend of XRP. Although the overall market has experienced a crash, the price of XRP has remained stable at around $0.6. Especially in the context of the upcoming outcome of the case between Ripple and the SEC, the market is more active in predicting its future trend.
Over the past week, XRP prices have shown an upward trend and have set new lows above the horizontal resistance level, forming an ascending triangle that may break upward. The emergence of this pattern is often interpreted by the market as a bullish signal. During the European session on Thursday, XRP prices hovered around $0.60. Although it fell slightly by 0.2% in the past 24 hours, the overall market sentiment remained bullish.
There is widespread speculation in the cryptocurrency community about a possible settlement in the Ripple-SEC case. However, without solid evidence to support it, this speculation may just be a "sell the news" strategy of the market. Nevertheless, the political environment in the United States regarding cryptocurrencies has indeed improved over the past month, which provides more possibilities for the future trend of cryptocurrencies such as XRP.
From the market data, XRP's open interest (OI) and trading volume are both showing an upward trend. According to Coinalyze data, XRP's cumulative open interest increased by 9.54% in the past 24 hours, indicating that the confidence of enthusiasts is increasing. At the same time, according to Coingecko data, XRP's trading volume has risen by 34.4% in the past 24 hours, showing active market activity.
XRP Price Analysis: Bulls Could Be In for a 34% Rally?
From a technical analysis perspective, XRP price is consolidating towards the resistance level at $0.631. If the price can break above this level on a larger volume, it could signal a continuation of the bullish momentum. On the upside, the key resistance levels to watch out for include $0.649, $0.70, and $0.766.
Meanwhile, the price is trending above the 50-day and 200-day exponential moving averages (EMA), which also provides support for the uptrend. However, if the price breaks below the ascending triangle, XRP is likely to find support at the 200 EMA ($0.528) or lower at $0.47.
In general, the market remains optimistic about the price trend of XRP on the eve of the SEC closed-door meeting. It is necessary to remain cautious and pay attention to market dynamics and case progress to make wise decisions.
(Personal opinion, not a recommendation)
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