Latest PostPrice Analysis

Bearish Clouds Haunting The XRP Price Rally, Will It Ever Smash $2 In 2021?

news-image
Highlights

    XRP price appears to have trembled as the rally has flipped into a bearish divergence after going parabolic

    Yet the confirmation of a downtrend still remains distinct as the asset is primed for a massive rally amid the Ripple vs SEC lawsuit

    On the other hand, the SEC employees are speculated to hold XRP and hence Ripple files a motion to expose

A fresh motion document has been published by James Filan, an attorney who is actively monitoring the SEC’s action against Ripple. As part of its ongoing legal battle with the financial watchdog, XRP has filed a motion to compel the Securities and Exchange Commission (SEC) to divulge its internal cryptocurrency trading policies.

Scott Melker, a well-known crypto strategist and trader, is keeping a close eye on XRP. As long as XRP holds a crucial level, he believes it will trigger a rally.

“If it holds $1.10, we should expect the price to be heading up to the $1.50 to the $1.70 region, ultimately, almost $2. After that, we can figure it out.”

Also Read: Ethereum’s Dominance In A Jeopardy, Cardano Price Rally To Go 100X From Here!

XRP Price Analysis, How Ripple vs SEC Lawsuit Is Impacting The Price

The XRP price, since the mid of August, is experiencing a slight drain after going parabolic since the mid-may crash. Yet the price surge could eventually enter the critical zone between $1.64 to $1.74. As the price chart forecast the formation of a cup and handle pattern, which usually results in a massive rally. 

xrpcupnhandle

The price got rejected at the strong resistance levels around $1.3 and declining towards important support levels close to $1. However, as the outcome of the cup and handle pattern, the price could pull a massive leg up to enter the resistance zone. Further, the bulls are expected to sustain the price within this zone without getting rejected again. 

Collectively, amid the waves of the bearish September, yet the XRP price could rise high to surpass the yearly highs close to $2. The update regarding the Ripple vs SEC case, scheduled in a coming couple of hours could provide a greater push. And hence the $2 milestone could not remain much distinct. 

Also Read: Solana’s price marches ahead to over $100, $150 Appears Imminent Today!

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button
Close
Close