XRP’s price performance this week was solid until yesterday when it took a sudden 6% dive. The main culprit? A cancelled SEC meeting that was supposed to happen behind closed doors. Currently, XRP is trading around $0.55.
The meeting was rumored to be about a potential settlement in the ongoing Ripple vs SEC case.
But it wasn’t all bad news for the Ripple community. Just hours later, there was positivity again.
XRP Dominates Korean Trading
News broke that XRP smashed Bitcoin in Korea yesterday when it comes to trading volume. with over 2x the trade volume! While BTC lagged at $282M, $XRP flexed with $650M.
This is big news, considering Korea’s status as one of the major players in the crypto market.
Crypto analysts are constantly sharing their takes on XRP’s price movements. One such analyst, “Dark Defender,” who has over 100k Twitter followers, shared some interesting insights yesterday.
Dark Defender pointed out that XRP saw a 67.56% increase from $0.3814 to $0.6378. Based on this move, he provided an update on the 4-hour time frame structure. He suggests the ABC wave might take two days to complete and could extend to $0.499. He also noted minor resistance at $0.87 before potentially reaching $1.03.
For those unfamiliar, the 4-hour time frame refers to price charts that display candles representing 4-hour periods. This allows traders to analyze medium-term trends. The ABC wave is part of Elliott Wave Theory, a method used to predict price movements based on crowd psychology that manifests in waves.
Despite the recent setback, XRP’s strong showing in the Korean market demonstrates its ongoing appeal to traders. While price predictions should always be taken with a grain of salt, the technical analysis suggests there could be interesting developments ahead for XRP.
Read also: Ripple Analyst Warns XRP Price Will Not Reach $100: Reveals ‘Realistic’ Targets
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