XRP Sets Sights on $1.5 Following Another Ripple Triumph – Here Are the Next Key Support Levels
XRP has made notable progress what looks like another win. Ripple, has joined the International Swaps and Derivatives Association (ISDA), aligning itself with established entities like J.P. Morgan, Goldman Sachs, BNY Mellon, among others in the huge $1.2 quadrillion derivatives market.
Following this news, the market has shown a favorable response. However, XRP’s price is approaching a resistance line at $0.63, reflecting a 0.45% decrease in the last 24 hours.
Famous analyst and technical analysis expert, MMBTtrader from TradingView, provides further insights into the current XRP price dynamics. He highlights two pivotal support levels for XRP in the near future.
The first being the $0.6 mark, which interestingly aligns with a major Fibonacci level. The second support stands firm at $0.4. MMBTtrader anticipates a bullish momentum around these zones, akin to the green arrows depicted on his chart.
Well-known trader, XRP whale @realXRPwhale, exudes confidence in the coin’s potential, stating, “$XRP re-test complete! Next move to $1.50🔥.” For those unfamiliar with the term, a ‘re-test’ in trading refers to a situation where the price of an asset returns to a former breakout or breakdown level to confirm its new role as either support or resistance. The completion of a re-test is often seen as a confirmation of the asset’s next directional move.
In another update, @MichaelXBT, another top crypto trader, sheds light on the current market scenario. While he has strategically taken profits on his XRP long position at $0.7, he remains cautious due to Bitcoin’s position in a significant rising wedge. However, there’s a silver lining for XRP enthusiasts. The coin has formed a falling wedge and is currently challenging its resistance. A break above this trend line could potentially trigger a rapid upward movement for XRP.
Diving deeper into XRP’s technical analysis, the price has recently undergone consolidation within a Pennant pattern. However, it took a bearish turn, breaking below its support. This could potentially pave the way for a further decline to the $0.55 support level. In terms of Fibonacci Retracement, the support levels to watch out for are $0.70 (50%) and $0.56 (78%).
For those new to the term, a Bullish Pennant is a pattern that typically forms after a sharp price increase. This is followed by a brief triangular-shaped consolidation in price before the bullish trend usually resumes. It’s essential to note that this period of consolidation often witnesses lower volume, and any breakout should ideally be backed by higher volume.
Conclusion
Crypto market dynamics are shifting rapidly. XRP’s recent achievements and its performance in the market are testament to its resilience and potential. While the immediate future holds certain challenges, especially with the bearish breakout from the Pennant pattern, the overall sentiment remains optimistic.
As always, investors and traders are advised to conduct their own research and stay updated with expert analyses from top-notch analysts like those mentioned above. The journey of XRP is one to watch, and the coming days are bound to be filled with excitement and opportunities.
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