XRP Price Hits Target Of $0.5, But Can It Break This Key Resistance?
11 October 2022 - 6:45AM
NEWSBTC
The XRP price has been swimming against the tide and continues to
show strength against larger cryptocurrencies, such as Bitcoin and
Ethereum. A potential settlement between the U.S. Securities and
Exchange Commission (SEC) and Ripple might continue to prompt this
cryptocurrency to the upside. Related Reading: Weekly Round-Up On
Shiba Inu, Where Will Price Be Headed? At the time of writing, the
XRP price trades at $0.52 with sideways movement in the last 24
hours and a 17% profit in the last week. As NewsBTC reported last
week, the cryptocurrency broke out of a major downside trendline
hinting at future appreciation with a target set at its current
levels. XRP Chills Before Taking Off? Consolidation Might Be Key In
late September, the XRP price was able to reach the middle area of
its current levels at $0.55 before beginning a descend to a monthly
low at $0.44. As seen in the chart below, as news about a potential
settlement in the case against Ripple became public, the
cryptocurrency changed the trend breaking above the following
pattern. Before breaking out of that trendline, XRP moved sideways
for a while possibly gaining momentum for its upside move. At the
time of writing, as BTC and other larger cryptocurrencies lose
bullish momentum, the XRP might be on a similar path of
consolidation before breaking out. As pointed out by a pseudonym
trader, the $0.50 area is a major resistance for this
cryptocurrency as it is a multi-month high that turned into a
headwind for any potential rally. Over the weekend, the trader
stated the following on XRP and its potential to continue its
bullish momentum: $XRP Still really liking the strength shown by
XRP. Watching this LTF triangle right now. Break that and we can
attempt the HTF 0.5-0.51 resistance. So be a bit cautious as we’ve
not broken out yet. If it does that, we can expect higher. Macro
Factors Might Stand In The Way Of XRP In the coming days, the
crypto market is poised to be impacted by a spike in volatility as
the U.S. Federal Reserve (Fed) could reiterate its aggressive
monetary policy. Thus, negatively impacting XRP and other digital
assets. If bulls are unable to push beyond the XRP price current
levels, then the cryptocurrency might be bound to a re-test of its
previous support zone at around $0.49. Data from Material
Indicators shows that XRP has a significant ask (sell liquidity)
just above its current levels. Related Reading: Bitcoin Volatility
Index Suggests Large Price Move Arriving Soon In addition, XRP’s
price action is currently being sold by most investors with the
exception of investors with bid orders of over $100,000. These
investor class (whale on the chart below) exercise a lot of
influence on the price action and might continue to allow XRP to
take a second push higher if they continue to support it by
countering selling orders.
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024