The XRP price has been swimming against the tide and continues to show strength against larger cryptocurrencies, such as Bitcoin and Ethereum. A potential settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple might continue to prompt this cryptocurrency to the upside. <\/p>\n
At the time of writing, the XRP price trades at $0.52 with sideways movement in the last 24 hours and a 17% profit in the last week. As NewsBTC reported last week, the cryptocurrency broke out of a major downside trendline hinting at future appreciation with a target set at its current levels.<\/p>\n
XRP\u2019s price trends to the upside on the 1-hour chart. Source: XRPUSDT Tradingview<\/a> In late September, the XRP price was able to reach the middle area of its current levels at $0.55 before beginning a descend to a monthly low at $0.44. As seen in the chart below, as news about a potential settlement in the case against Ripple became public, the cryptocurrency changed the trend breaking above the following pattern.<\/p>\n Source: DaanCrypto via Twitter<\/p>\n Before breaking out of that trendline, XRP moved sideways for a while possibly gaining momentum for its upside move. At the time of writing, as BTC and other larger cryptocurrencies lose bullish momentum, the XRP might be on a similar path of consolidation before breaking out.<\/p>\n As pointed out by a pseudonym trader, the $0.50 area is a major resistance for this cryptocurrency as it is a multi-month high that turned into a headwind for any potential rally. Over the weekend, the trader stated<\/a> the following on XRP and its potential to continue its bullish momentum:<\/p>\n $XRP Still really liking the strength shown by XRP. Watching this LTF triangle right now. Break that and we can attempt the HTF 0.5-0.51 resistance. So be a bit cautious as we\u2019ve not broken out yet. If it does that, we can expect higher.<\/p>\n Macro Factors Might Stand In The Way Of XRP<\/p>\n In the coming days, the crypto market is poised to be impacted by a spike in volatility as the U.S. Federal Reserve (Fed) could reiterate its aggressive monetary policy. Thus, negatively impacting XRP and other digital assets.<\/p>\n If bulls are unable to push beyond the XRP price current levels, then the cryptocurrency might be bound to a re-test of its previous support zone at around $0.49. Data from Material Indicators shows that XRP has a significant ask (sell liquidity) just above its current levels.<\/p>\n In addition, XRP\u2019s price action is currently being sold by most investors with the exception of investors with bid orders of over $100,000. These investor class (whale on the chart below) exercise a lot of influence on the price action and might continue to allow XRP to take a second push higher if they continue to support it by countering selling orders.<\/p>\n Large investors support the XRP price on low timeframes. Source: XRPUSDT Tradingview<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The XRP price has been swimming against the tide and continues to show strength against larger cryptocurrencies, such as Bitcoin and Ethereum. A potential settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple might continue to prompt this cryptocurrency to the upside. <\/p>\n At the time of writing, the XRP price trades at $0.52 with sideways movement in the last 24 hours and a 17% profit in the last week. As NewsBTC reported last week, the cryptocurrency broke out of a major downside trendline hinting at future appreciation with a target set at its current levels.<\/p>\n XRP\u2019s price trends to the upside on the 1-hour chart. Source: XRPUSDT Tradingview<\/a> In late September, the XRP price was able to reach the middle area of its current levels at $0.55 before beginning a descend to a monthly low at $0.44. As seen in the chart below, as news about a potential settlement in the case against Ripple became public, the cryptocurrency changed the trend breaking above the following pattern.<\/p>\n Source: DaanCrypto via Twitter<\/p>\n Before breaking out of that trendline, XRP moved sideways for a while possibly gaining momentum for its upside move. At the time of writing, as BTC and other larger cryptocurrencies lose bullish momentum, the XRP might be on a similar path of consolidation before breaking out.<\/p>\n As pointed out by a pseudonym trader, the $0.50 area is a major resistance for this cryptocurrency as it is a multi-month high that turned into a headwind for any potential rally. Over the weekend, the trader stated<\/a> the following on XRP and its potential to continue its bullish momentum:<\/p>\n $XRP Still really liking the strength shown by XRP. Watching this LTF triangle right now. Break that and we can attempt the HTF 0.5-0.51 resistance. So be a bit cautious as we\u2019ve not broken out yet. If it does that, we can expect higher.<\/p>\n Macro Factors Might Stand In The Way Of XRP<\/p>\n In the coming days, the crypto market is poised to be impacted by a spike in volatility as the U.S. Federal Reserve (Fed) could reiterate its aggressive monetary policy. Thus, negatively impacting XRP and other digital assets.<\/p>\n If bulls are unable to push beyond the XRP price current levels, then the cryptocurrency might be bound to a re-test of its previous support zone at around $0.49. Data from Material Indicators shows that XRP has a significant ask (sell liquidity) just above its current levels.<\/p>\n In addition, XRP\u2019s price action is currently being sold by most investors with the exception of investors with bid orders of over $100,000. These investor class (whale on the chart below) exercise a lot of influence on the price action and might continue to allow XRP to take a second push higher if they continue to support it by countering selling orders.<\/p>\n
\nXRP Chills Before Taking Off? Consolidation Might Be Key<\/p>\n
\nXRP Chills Before Taking Off? Consolidation Might Be Key<\/p>\n