Ripple’s XRP has shown resilience in the market, outperforming many other altcoins. Over the past week, XRP has gained nearly 8%, and while its performance in the last month remains a modest 3% increase, its year-to-date gains are a staggering 177%.
According to analyst Zach Humphries, chart shows that since 2022, XRP has been slowly trending upward, albeit without any massive spikes. This gradual climb suggests that XRP is maintaining a solid price level, and the lack of extreme volatility makes it an attractive low-risk asset with upside potential.
Moreover, he explained that the XRP community is anticipating a significant event set for October 7, when the SEC is expected to decide whether to appeal the recent ruling in the Ripple lawsuit. Many traders and analysts believe that if XRP can overcome this hurdle, it could trigger a bullish breakout.
The analyst also touched on the broader market context, stating that while the altcoin market has yet to fully enter a bullish phase, XRP remains a strong performer. With the legal pressures from the SEC subsiding and Ripple’s ongoing advancements, institutional money may soon flow into XRP, recognizing its strong use case within the cryptocurrency space.
XRP has been in a sideways consolidation phase for several weeks now. The price has been moving within the trend lines of a yellow triangle. If the price breaks out of these trend lines, it could indicate a structural shift, but we would need to see a break above or below key levels as well.
In both scenarios, the invalidation point is 50.3 cents. If the price remains above this level, we could see further upside. There is also a key Fibonacci support area between 52.2 and 55 cents. For a confirmed breakout, we would need to see XRP rise above the 60-cent level, with the next resistance levels being 63.2 cents and 64.3 cents.
Keep an eye on the Fibonacci support levels: 51.5, 52.2, 53.8, and 55 cents. A break above the 60-cent level would signal a bullish breakout.
Also Check Out: This Altcoin Displays a Huge Potential of 80% Surge in Q4-Is it the Right Time to Buy?
DeFi Development Corp follows a similar approach to SOL Strategy to issue debt securities to…
The listing of SNEK on Kraken is a massive gain for the wider Cardano ecosystem.…
UNI price has largely followed Ethereum price action in the ongoing wider crypto recovery. The…
Sui’s token price has been on a strong rally over the past few days. While…
At his first public event as SEC chairman, Paul Atkins made it clear he’s backing…
The markets are experiencing a significant shift in momentum, with the bulls gaining the upper…
