The crypto market bounces from daily support levels. XRP is outperforming other cryptocurrencies such as Bitcoin or Ethereum. The token is trending upwards and has moved against the current even in times of uncertainty.
At the time of writing, XRP’s price trades at $0.49 with a 3% profit and 9% profit in the last 24 hours and 7 days, respectively. Smaller cryptocurrencies like Bitcoin have been experiencing negative or sideways performance, while XRP bounces are causing them to move.
XRP Follows the Impulse and Aims for Higher Levels
During today’s trading session, the crypto market lost momentum and was rejected by previous support. Bitcoin’s area of support was at $19,800. XRP, on the other hand, retraced to approximately $0.48.
This area, which is considered critical support by a pseudonym trader and at the peak of a trend that may indicate additional gains for the cryptocurrency. As seen in the chart below, XRP’s price formed a descending triangle pattern.
This week the cryptocurrency bounced from lower levels of the pattern, and made a strong breakout after a retest for support. These elements hint at an extension of the bullish momentum with a potential target at $0.50, XRP’s major resistance level.
The pseudonym-trader notedThe following are the same as the charts below.
After the breakout of this trend line, $XRP is still chilling. If this market is strong, then I believe it will move higher. First resistance level is at $0.5-0.51 If it breaks above $0.5-0.51, the $0.6 region should follow. XRP/BTC Pair was quite strong in the recent days.
This cryptocurrency’s bullish price action has been supported by positive developments in the legal battle between the U.S. Securities and Exchange Commission versus payment company Ripple. The dispute concerns XRP as well as the alleged illegal sale of the token in unregistered securities.
Late 2020 was the date when the regulator filed the case. This seems like the expected outcome in the market. The range of cryptocurrency seen in the past is now being surpassed by the regulator.
Are Crypto Market Conditions Good for a Rally?
Additional data provided by analyst Justin Bennet indicates that the S&P 500 is also showing positive price action. The S&P 500 has had a significant influence on digital assets. This could allow XRP, which is currently at $0.50, to continue its upward trend and break through the resistance.
In addition, Bennett showed an important reclaimed of a trendline on the daily chart as measured by the crypto market’s total market cap index. However, this reclaimed will be confirmed upon today’s close.
$TOTALYesterday, the trend line for June was reclaimed by bullishness. Bullish trend line reclaimed yesterday
Let’s see where today closes. $BTC $ETH https://t.co/pILwWd2GZb pic.twitter.com/4sRsJqsbkn
— Justin Bennett (@JustinBennettFX) October 5, 2022