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XRP’s price remains volatile, influenced by Ripple’s ongoing legal battle with the SEC.   Breaking key resistance at $0.70 could boost XRP, while $0.5210 support is currently tested.   Ripple’s legal outcome and new custody features will shape XRP’s long-term price movement. XRP’s journey has been a wild ride since December 2020, when Ripple first locked horns with the US SEC. The ongoing lawsuit, which seeks to determine whether XRP is a security, has kept the altcoin on a rollercoaster. The case’s outcome could significantly impact XRP’s price in the near future. XRP hit its all-time high of $3.92 on January 4, 2018, and its all-time low of $0.002802 on July 7, 2014. Since reaching its peak, XRP has gone through several bearish phases, dropping as low as $0.113268 while also climbing as high as $1.97793. At the moment the general sentiment towards XRP is bearish. The Fear & Greed Index is currently at 52, thus, pointing at a neutral market sentiment. However, the technical outlook for XRP hints at a possible bullish breakout if certain price levels are crossed. Key Resistance Levels and Technical Outlook XRP is presently trading around $0.5329, with technical analysts identifying the $0.70 mark as a crucial resistance level. If XRP breaks above this level, it could trigger a bullish surge, potentially pushing the price towards the $0.80 to $0.90 range. The asset is currently testing support at $0.5210, and technical indicators suggest a possible short-term gain. Source: Tradingview After ending its decline in July, 2024, XRP has been rallying toward the $0.6602, which marks the 50% Fibonacci retracement level of the slide from its July 2023 low. The RSI is currently at 41.59, below the midline of 50, indicating that XRP hasn’t yet entered a strong bullish trend. Analysts believe that an 8.49% bounce could take…

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Filed under: News - @ October 11, 2024 6:23 pm