The XRP cryptocurrency price continues to swim against the flow and continue its fight against bigger cryptocurrencies like Bitcoin and Ethereum. Ripple and the U.S Securities and Exchange Commission (SEC), might reach a settlement that could propel this cryptocurrency forward.
The XRP Price trades at $0.52 as of the writing. It has seen sideways movements in the 24 hours prior and a 17% loss in the previous week. NewsBTC reports that cryptocurrency broke through a significant downside trendline last week hinting towards future appreciation, with its target level at the current levels.
Are XRP’s Chills Worth It Before They Take Off? The Key to Success Might be Consolidation
The XRP price reached $0.55 in September and then began to fall to $0.44 monthly. You can see that when Ripple news broke, cryptocurrency’s trend changed.
Before breaking free from the trendline, XRP traded sideways briefly before possibly gaining momentum to its upside move. As bullish momentum fades in larger cryptocurrencies like BTC, XRP could be following a similar trend of consolidation to break out.
The $0.50 level is an area of resistance that is important for cryptocurrency. This is because it was a high for the currency for many months and is now a strong headwind to any future rally. The trader reported that the market was trading at a high level over the weekend. statedThe following information is about XRP, and how it can continue its bullish momentum.
$XRP I still love the strength of XRP. Right now, I am watching this LTF triangle. We can break this and attempt to reach the HTF 0.5-0.51 Resistance. So be a bit cautious as we’ve not broken out yet. It can go higher if it happens.
In the way of XRP, Macro Factors might be a hindrance
The U.S. Federal Reserve could reaffirm its aggressive monetary policies in the next few days. This will likely impact the volatility of the cryptocurrency market. This could have a negative impact on XRP, and other digital assets.
If the bulls fail to move beyond the current XRP price levels, the cryptocurrency could be forced to test its support zone of $0.49. Material Indicators data suggests that XRP’s current level of liquidity (important ask) is just below its actual levels.
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. The price action is influenced a lot by these investors (see the graph below). If they keep supporting it with counter-selling orders, XRP might take a second boost.