The Peak Metric on Ripple (XRP)! Will the Rally Start?
Pay Frisk XRP, the native cryptocurrency of the Ripple payment ecosystem, was last trading about 1.8% lower ahead of the release of US employment data on Friday. So, what kind of pricing is waiting for XRP in the coming days, let’s examine it all together!
Analysts have suggested that expectations of how much the US Federal Reserve will raise interest rates could cause high volatility in the cryptocurrency markets. The XRP / USDT pair is trading close to $0.39 at the time of writing. In addition, experts’ XRP price forecasts are in the direction of a more bullish trend in recent weeks, as the crypto currency exchange has recovered from its lows after the collapse of the FTX. XRP was last trading with an increase of about 0,32% compared to its lows around 24 dollars. In addition, in the last few weeks, XRP has been in an uptrend and it is stated that it has formed an ascending triangle. The upper zone of the specified triangle is expected to be a resistance zone that turns into support around $0.42 at the current position.
Ascending triangle patterns are usually seen as a pattern that shows a trend of price growth. Therefore, XRP/USDT bulls may try to recover in the coming days to be able to cross the $0.42 resistance area of XRP. A break in the current position could trigger a rapid rise above $0.50 and towards the next key resistance area around $0.51.
The Impact of Litigation on Ripple
On the other hand, Ripple can force the SEC to resolve its ongoing lawsuit against the firm, mainly by proving that the US regulatory agency treated the project unfairly compared to other cryptocurrency projects such as Ethereum (ETH). A legal victory for Ripple could result in the disappearance of a large cloud of uncertainty on behalf of XRP and lead to a major price increase. In addition, XRP reached a transaction volume of 900 Million dollars in 24 Hours. The trading volume of XRP on major crypto currency exchanges in the last 24 hours is approximately 915 million dollars. Although this is impressive, there was no deviation from the usual weekly volume profile of the last few weeks. Since the market crash caused by the FTX crash in early November, it has been noted that the significant increase in XRP trading volumes has been remarkable.
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