XRP Hurdle In The Run-Up To ‘Proper Party’ – Will Altcoin Price Slip?
22 Setembro 2023 - 7:30AM
NEWSBTC
XRP, a cryptocurrency Ripple Labs uses to facilitate transactions
on its network, has been making headlines recently for all the
right reasons. The digital asset has emerged as one of the top
performers in the crypto market in recent months, largely owing to
Ripple’s significant legal victory against the US Securities and
Exchange Commission in July. This victory marked a turning point in
the ongoing legal battle that has been unfolding since December
2020. As XRP enthusiasts eagerly anticipate Ripple’s “Proper Party”
scheduled for September 29, the crypto’s price remains a point of
interest for investors and traders. The community of XRP holders is
curious as to whether the company would reveal anything significant
regarding the SEC litigation at the party. Currently, XRP is
trading comfortably above the critical support level of $0.5,
indicating the resilience of its bullish momentum. Related Reading:
MakerDAO (MKR) Recent Rally Signals Potential For New Highs –
$1,700 On The Horizon? XRP’s Current Price Position As of the
latest data from CoinGecko, XRP is valued at $0.508916. While the
past 24 hours have seen a minor decline of 0.6%, the cryptocurrency
has exhibited a seven-day gain of 1.3%. These figures suggest that
XRP remains firmly within the spotlight, even amidst the recent
market turbulence caused by the Federal Reserve’s decision to pause
the interest rate hike for September. However, it’s not all smooth
sailing for XRP. As shown in a recent price analysis, the coin
faces a significant hurdle in the form of the 200-day Exponential
Moving Average (EMA). For more than a month, this EMA has acted as
a formidable barrier, thwarting XRP’s attempts to break through to
higher price levels. The consistent rejections at this line have
solidified its reputation as a formidable resistance zone for XRP.
XRP market cap currently at $27 billion. Chart: TradingView.com For
XRP bulls, the key focus now is to maintain the critical support
level at $0.5. Failure to do so could expose the cryptocurrency to
further downside pressure and the risk of a bear flag breakout. In
such a scenario, XRP might be compelled to retest the $0.4 and $0.3
price levels, respectively. Anticipating Bullish Momentum If
support at $0.5 holds steady and bulls manage to break through the
confluence resistance at $0.5239, XRP could be poised for
substantial gains. Enthusiasts and investors are eyeing a potential
uptrend that could lead XRP to the $0.85 and $1 price levels in the
near future. Related Reading: CoinsPaid Perspective: The Main
Reason You’re At Risk Of Being Hacked XRP’s recent performance and
its legal victory against the SEC have undoubtedly rejuvenated the
cryptocurrency’s prospects. While hurdles remain, the XRP community
hopes the upcoming celebration and sustained market support will
propel the digital asset to new heights in the crypto landscape.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from iStock
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