XRP Path To Recovery: Will $0.5 Be Conquered?
17 October 2023 - 7:30PM
NEWSBTC
XRP, the cryptocurrency associated with Ripple, has been grappling
with renewed supply pressure, with its price circling around the
$0.5 mark, indicating that the prevailing downtrend is likely to
persist. The recent pressures led to the breaking of a crucial
support trendline associated with an ascending triangle pattern.
This breach is a clear signal of potential bearishness for XRP in
the near term. An ascending triangle pattern is a technical chart
formation frequently observed in financial markets. This pattern
suggests a potential bullish breakout and often serves as an
indicator of upward momentum. In an ascending triangle, the lower
trendline represents an area of support, while the upper trendline
is a resistance level. The price tends to move within these
boundaries, creating a triangular shape. Traders often look for a
breakout above the upper trendline as a signal to go long. Related
Reading: XRP On The Cusp Of Redemption? Unveiling Data-Backed
Insights XRP Rollercoaster Ride Earlier in the day, XRP made an
impressive surge in price, gaining nearly 4% and reaching the $0.51
level. However, this local peak was short-lived, as the coin
retraced its steps shortly after. It attempted another ascent but
remained trapped in a volatile cycle. As of the latest data, XRP is
trading at approximately $0.493742, reflecting a 24-hour gain of
0.9% but a seven-day loss of 1.6%. This rollercoaster ride in XRP’s
price was triggered by recent news surrounding the American
securities regulator’s supposed approval of the iShares Bitcoin
spot ETF. This ETF was initially filed by BlackRock, the world’s
largest fund manager. The news initially posted on various crypto
media outlets gained credibility when Reuters and Bloomberg
Terminal picked it up. Consequently, Bitcoin surged by 10% in
response to this development. XRP market cap at $26.3
billion. Chart: TradingView.com However, BlackRock soon issued a
statement refuting the news, clarifying that their BTC ETF is still
under consideration by the regulatory authorities, including SEC
Chairman Gary Gensler. This retracement in Bitcoin’s price had a
ripple effect, impacting XRP and other altcoins. Blackrock has
confirmed with Fox that their ETF filing is still under review h/t
@EleanorTerrett — Will Clemente (@WClementeIII) October 16, 2023
Insights And Implications XRP’s current price analysis suggests
that if it falls below today’s low of $0.485, the altcoin could
experience a further decline of approximately 6%. The next support
level is anticipated at $0.458, with a worst-case scenario
potentially driving the price down to $0.42. Related Reading:
Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme
Coin? The crypto market is known for its inherent volatility, and
sudden reversals are not uncommon. As investors and traders
navigate these uncertain waters, it is imperative to stay informed
and exercise caution in their financial decisions. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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