Here’s when XRP will reach $0.7, according to analyst
The post Here’s when XRP will reach $0.7, according to analyst appeared on BitcoinEthereumNews.com.
An analyst has opined that there is still potential upside for XRP, citing the token’s significant underlying technical and fundamental developments. In a TradingView post on June 29, RLinda pointed out that XRP is on the brink of a possible breakout that could elevate the token above $0.70. She pointed out that the cryptocurrency has been trading within a wedge pattern, facing resistance and showing signs of consolidation. Technically, RLinda pointed out that XRP is continuously testing the wedge resistance. Despite decreased volatility, buyers maintain a support level of $0.4637, preventing the price from falling further. This persistent support could lead to another retest of the resistance, increasing the likelihood of a breakout. A consolidation above $0.4962 is a critical indicator of a market shift, potentially propelling XRP to targets of $0.6265 to $0.73. The support and resistance levels identified by the analyst are crucial markers for traders. XRP price analysis chart. Source: TradingView/RLinda The analyst anticipates buyers will soon break through the bearish resistance, rallying toward the projected targets. Should XRP consolidate above $0.4962, it may pave the way for a surge to $0.73, marking a significant price movement. The Impact of SEC v. Ripple case The analyst also noted that the critical factor influencing XRP’s price is the ongoing Securities Exchange Commission (SEC) v. Ripple litigation. A favorable resolution could provide the impetus for a substantial price rally. Notably, the case has been a pivotal moment for the cryptocurrency sector, as its outcome could set a significant precedent for cryptocurrency regulation. Ripple’s CEO, Brad Garlinghouse, believes that a final verdict in the SEC v. Ripple case might come by the end of the summer. In summary, the court found that Ripple violated federal securities laws through institutional sales of XRP but dismissed other charges. Ripple Labs is contesting…
Filed under: News - @ June 29, 2024 3:12 pm