RippleXRPAccording to a technical analysis conducted by trader RLinda, the price of () could surge up to 70 percent. Analyst suggests XRP has formed a false support break on the XRPUSDT pair. A long-term consolidating above this zone may lead to a continued growth. Linda claims that this could lead to a price rise of 50-70%.
Weekly Timeframe – XRP price squeezed into a triangle
RLinda notes that a triangular pattern currently squeezes the XRP on the weekly (W1) timeframe. It appears that the market is forming a new attempt to test resistance, which indicates potential bullishness.
The ongoing litigation between Ripple and the U.S. Securities and Exchange Commission is currently holding back the growth of the market.
Please read also: Cryptocurrency: Top 3 AI Coins to Watch For Double Digit Gains
In recent developments, Ripple has indicated that it is prepared to settle the SEC case for a fine of $10 million instead of $2 billion as originally proposed. In addition, the SEC has lost two of its most experienced lawyers, who could have an impact on the final outcome.
The Key Levels of Support and Resistance to Monitor
RLinda identified key levels of support and resistance that may play a major role in determining the future direction of XRP. Support levels for XRP are $0.5000 and $0.426. Resistance levels include $0.6431 and $0.7325.
According to the analyst, the potential upside will only be realized when the price breaks through $0.73 after consolidating above the $0.500 level. RLinda thinks that a bullish era for XRP will start if legal nuances around the SEC suit are resolved soon.
Please read also: Ripple (XRP) Forecasted To Hit $1.9 If This Happens
The XRP market is growing and increasing the amount of whales.
In a comment made recently, RLinda stated that whales are accumulating huge volumes of XRP at the current low prices. The large investors who have accumulated XRP may be indicating their belief in the future of the cryptocurrency, which could lead to a surge in price once the SEC case is resolved.
A resolution to the case could have a major impact on the price of XRP, leading it out of its current triangle and into a price increase between 50-70%.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
