XRP is Killing it While Bitcoin and Ethereum Struggle
XRP has been outperforming other major cryptocurrencies like Bitcoin and Ethereum.
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. This is great news for XRP investors, as a settlement with the SEC could mean big things for the future of the currency. With Ripple continuing to show strength against larger cryptocurrencies, it is clear that it has a bright future ahead.
I believe that the XRP price will continue to move sideways in the next 24 hours, with a slight upward trend. I believe that this is due to the fact that the cryptocurrency has recently broken out of a major downside trendline, which hints at future appreciation. I believe that the target for the XRP price is currently set at its current levels.
XRP prices have been consolidating recently, but that may just be the calm before the storm.
It is clear that the news of a potential settlement in the case against Ripple had a positive impact on the price of XRP, with the cryptocurrency breaking above a previous pattern. This suggest that the market is confident in Ripple's future, and that the company is on the right track.
It's clear that XRP is gaining momentum, and it's only a matter of time before it breaks out of its current trendline. While BTC and other cryptocurrencies may be losing their bullish momentum, XRP is consolidating its position and preparing for its next big move.
It is clear that the $0.50 area is a major resistance for XRP, as it has been a headwind for any potential rally. However, the trader pseudonym "DaanCrypto" has stated that XRP could continue its bullish momentum. Only time will tell if XRP can overcome this major resistance and continue its upward trend.
$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
It is expected that the crypto market will experience a spike in volatility in the coming days, as the U.S. Federal Reserve (Fed) could reiterate its aggressive monetary policy. This could have a negative impact on 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. This could mean that XRP is due for a price correction in the near future, as buyers may not be able to sustain the current price levels. However, if support at $0.49 holds, then XRP could continue its uptrend.
It appears that most investors are currently selling XRP, with the exception of those with bid orders of over $100,000. These investors (known as whales on the chart below) have a lot of influence on the price action and could continue to supporting XRP, allowing it to take a second push higher.