2023-10-4 10:19 |
According to analysis firm Santiment, XRP spiked 8% following news that the SEC’s appeal against Ripple was denied. The immediate aftermath saw Ripple’s native cryptocurrency, $XRP, experiencing a swift +8% surge, and it has swiftly become a focal point, constituting nearly a quarter of discussions related to the top 100 assets in the crypto space. XRP is hovering around $0.52 with a 3.5% surge in the last 24 hours/
Source: Santiment – Start using it today
The recent court victory gave XRP an initial jolt higher, but the rally stalled as traders now ponder the next market moves in the aftermath.
Per analytics platform altfins, this triangular pattern after a surge often presages a breakout in the trend’s direction. Most traders await an upside break above $0.55 and the 200-day moving average to signal a resumption of XRP’s uptrend.
Until then, rangebound action between short-term support and resistance levels continues. The $0.45 zone marks nearest support, while $0.55, $0.68, and $0.92 represent overhead barriers.
Delving into the technical analysis provided by altfins, the Ascending Triangle is identified as a continuation pattern, which typically heralds a breakout moving in the direction of the prevailing trend. While most traders adopt a strategy of waiting for a breakout, Swing traders might opt to trade between the trendlines—buying at Support and selling at Resistance—as long as the trendlines maintain a reasonable distance from one another.
Source: altFINS – Start using it today
Trend and Momentum: A Mixed Bag
Trend: The short-term basis presents a neutral trend, while both medium- and long-term bases indicate a downtrend. Momentum: The momentum is somewhat mixed. The Moving Average Convergence Divergence (MACD) Line is positioned above the MACD Signal Line, which is typically seen as a bullish indicator. However, the Relative Strength Index (RSI) hovers around 50, signaling a neutral stance.Support and Resistance Zones to Watch
The nearest Support Zone is pegged at $0.45. Resistance Zones are layered at $0.55 (which previously acted as support), followed by $0.68, and then the recently rejected $0.92.In light of these developments, traders and investors are keeping a close eye on Ripple, as its legal and financial journey continues to unfold, potentially unlocking new possibilities and challenges in the crypto market. The technical analysis provides a roadmap, but in the volatile world of cryptocurrency, the market may yet hold unforeseen twists and turns.
XRP’s price surged by around 70% to trade at around 80 cents apiece after Ripple won early dismissal of some regulatory allegations related to its sale of more than $1.4 billion worth of the digital token in July 2023. This ruling was widely seen as a key hurdle to clear in the second half of 2023 as crypto assets were still contending with a challenging regulatory environment.
XRP’s market capitalization surged by more than $21 billion in just three days. However, XRP’s gains were short-lived. By August, XRP had lost nearly all gains after Ripple Labs’ landmark court ruling over the U.S. Securities and Exchange Commission (SEC).
While the latest legal victory bolsters Ripple’s case, the muted market response highlights the need for sustained fundamental improvements to reinvigorate XRP demand.
For now, with momentum oscillators painting a mixed picture, traders are left navigating more sideways chop as they await indications of the token’s next decisive move. The coming trading sessions should determine whether bulls can engineer a trend-affirming breakout.
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