The cryptocurrency market experienced a substantial upward trend amid the rising anticipation of a Bitcoin exchange-traded fund (ETF). XRP has seen a great trading performance in the previous week, with five of the last six days seeing price increases of more than 16%. This price increase was fueled by the SEC's decision to dismiss charges against Ripple Labs' top two executives.
According to Coingabbar Price Analysis, Yesterday, XRP broke free from a three-month consolidation period on its daily chart but failed to close. XRP found firm support around $0.48, followed by the emergence of a bullish candle. The price then consolidated near the 200-day EMA. Following a Golden Cross, XRP made a strong move, surpassing the $0.5500 resistance barrier. However, it encountered resistance at $0.5866. Subsequently, bears pushed the price below $0.5500 and breached the 100-day moving average at $0.5625, resulting in the formation of a long wick on the chart. This potential rejection could lead to consolidation and heightened volatility, a typical pattern observed after a surge, often signaling an impending significant market movement.
KEY LEVELS :
RESISTANCE LEVEL : $0.5650-$0.5800
SUPPORT LEVEL : $0.5450-$0.5350
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
