XRP has been moving in a symmetrical triangle for over a month now, unable to cross the $0.6 price range barrier. It is down by 85.12% down from its all time high of $3.84. It has been 7 years since XRP has never reached even near its ATH. The major reason for it has been the SEC long going lawsuit against Ripple. Even though SEC has accepted that crypto itself is not a security, still it might take a little longer for XRP to hold the victory cup. At the current stage, the position at $0.60 is very crucial for the crypto coin to hold. Let’s explore the reasons why it failed to break this zone.
The area near the $0.60 has been a very tough zone for XRP since 2018. It has acted as a great support as well as huge resistance numerous times and the same thing is happening now. On september 15, the price of XRP was about to penetrate the $0.60 price range but got rejected due to the presence of the symmetrical triangle border. The presence of this triangle wall and the price zone resistance at the same point made it more unbreakable.
As of now XRP is trading at a price of $0.57235 which is lower than 2.66% of its previous day price. The trading volume in the last 24 hours has also witnessed a fall of 22.51%.
This fall in price has caused liquidation of over $2 million in longs and shorts combined. This was enough to spread panic in the market. RSI, on the other hand, is still holding strong and over 50 points showing the game is not completely lost to bears and there is a chance for XRP to rise. A cross over between MA 100 and 200 also suggests that XRP is gaining momentum and can cross this zone any time soon. A symmetrical triangle does not break until the price goes out of its borders, either to the upside or the downside. And currently, the Price of XRP is standing exactly in the middle point.
Another reason why XRP could not break through the $0.60 mark is the assassination attempt on a Presidential candidate that happened on September 15. People view Trump as a leader who might bring comforting regulations to the crypto space if he wins. His actions and talks have already started to greatly impact the crypto market.
An old resistance, the formation of a symmetrical triangle, and an assassination attempt on Donald Trump caused XRP’s rejection from the $0.60 level. However, the market seems to be rising again now that authorities have arrested the assassination suspect and Trump remains unharmed. The RSI level along with a golden crossover also suggests that we could be seeing XRP reaching at least $1 very soon.
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