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RIPPLE PRICE "Is a Bull Rally on the Horizon for XRP Above $0.40?"

Key Takeaways
  • XRP is forming Three White Soldiers on the daily chart
  • XRP is trading near the top of the falling channel line on the daily chart
  • The price of XRP is increasing towards the upper resistance of the symmetrical triangle
09-Mar-2023 By: Lokesh Gupta
RIPPLE PRICE "Is a Bull Rally on the Horizon for XRP Above $0.40?"

The price of XRP is gradually increasing and approaching

 the upper resistance of the symmetrical triangle. In recent times, XRP has demonstrated remarkable resilience by maintaining its position above the lower support levels.

Ripple is currently experiencing an upward trend, surpassing the $0.3850 resistance zone against the US Dollar. The XRP price is now poised to break through the $0.400 resistance zone. Last week, Ripple's XRP tested the crucial $0.3600 support zone against the US Dollar. Fortunately, the price remained stable above the $0.3600 zone and has since started a new upward trend.

The coin has made a significant breakthrough, surpassing the resistance zone of $0.3750. The price has impressively climbed above the 50% Fibonacci retracement level, which measures the upward movement from the $0.4090 swing high to the $0.3590 low. Currently, the price is trading above $0.385 and the 50-hour simple moving average, setting it apart from bitcoin and ethereum.

According to price analysis, there is an initial resistance near the $0.3980 zone. Beyond that, the next key resistance level is located near $0.480. If the price manages to break above the $0.408 resistance, it could potentially move towards the $0.422 resistance. Further gains could then push the price towards the $0.450 level.

If Ripple fails to break through the $0.400 resistance zone, it may trigger a downward correction. The first level of support on the downside is located around the $0.385 mark, followed by a more significant support level at $0.370. Should the price drop below this level and close below it, the XRP price could experience further losses. In such a scenario, the price could even fall below the $0.360 support level and retest the $0.340 support level.

Price Analysis estimates that XRP's market capitalization is currently estimated to be $20,007,698,712. The 24-hour trading volume for the coin is around $1,857,339,958.

KEY LEVELS :

RESISTANCE LEVEL : $0.4050-$0.4200

SUPPORT LEVEL : $0.3850-$0.3700

The Ripple vs SEC Lawsuit". As the Ripple vs SEC lawsuit draws to a close in the next few days, it is crucial to keep an eye on the important levels for XRP coin. The outcome of this legal battle will undoubtedly have a significant impact on the future of XRP and its investors. Many are wondering if Ripple will emerge victorious against the US SEC, and if so, will this lead to a bullish surge for XRP? These questions remain unanswered, but the anticipation is palpable. We invite you to share your thoughts and opinions on this matter in the comments section below.

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