XRP Chills About Support And Aims Higher, Will It Breach $0.5?
05 Oktober 2022 - 7:39PM
NEWSBTC
The crypto market is bouncing from daily support levels with XRP
outperforming larger cryptocurrencies, such as Bitcoin and
Ethereum. This token has been trending to the upside and moving
against the tide even when conditions were unfavorable on small
timeframes. Related Reading: Regulatory Scrutiny Threatens
Ethereum’s Rise, Will It Succumb Under Pressure? 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. With the exception
of Bitcoin, larger cryptocurrencies are recording sideways movement
or negative performance as XRP bounces. XRP Takes Impulse And Aims
For Higher Levels During today’s trading session, the crypto market
lost momentum and was rejected by previous support. For Bitcoin,
this area was located at around $19,800, while XRP retraced to
around $0.48. According to pseudonym trader, this area operating as
critical support is at the top of a pattern that could be hinting
at further gains for the cryptocurrency. As seen in the chart
below, XRP’s price formed a descending triangle pattern. Over the
past week, the cryptocurrency managed to bounce from the lower
levels of this pattern and scored a successful breakout with a
re-test of 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 noted the following while
sharing the chart below: $XRP Has been chilling on this trend line
after breaking out of it. If the market holds up, I think this will
head higher. $0.5-0.51 first area of resistance. $0.6 area should
be next if it can break above $0.5-0.51. XRP/BTC Pair quite strong
throughout the past few 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 legal dispute is related to XRP and an
alleged illegal offering of the token as an unregistered security.
Filed in late 2020 by the regulator, the case might be coming to an
end with a positive result for the payment company and XRP holders,
or at least, that seems to be the expectation in the market. At the
moment, the cryptocurrency is moving away from a range last seen
when the lawsuit became public. Crypto Market Conditions Positive
For A Rally? Additional data provided by analyst Justin Bennet
indicates that the S&P 500 is also showing positive price
action. This index has exercised a lot of influence over digital
assets and might allow XRP to follow through and finally break the
key resistance at $0.50. Related Reading: Solana Spikes 4% After
Recent Recurring Glitches – A Little Shine For SOL? 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.
$TOTAL reclaimed the June trend line yesterday. Bullish reclaim as
of now. Let’s see where today closes. $BTC $ETH
https://t.co/pILwWd2GZb pic.twitter.com/4sRsJqsbkn — Justin Bennett
(@JustinBennettFX) October 5, 2022
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