The crypto industry continues gaining momentum as it records a green day for the 7th consecutive day, making it the longest positive run for the crypto market in almost two months.
Bitcoin price has gained over 10% in value within a week. XRP price, on the other hand, recorded the single most significant gain in its value yesterday in over two months, suggesting a massive price action soon.
The Ripple price was seen trading close to its multi-line resistance and support zone at $0.5050 till the end of September. Since the start of October, the price has displayed massive fluctuations in its charts as the market has started to move.
The Ripple’s XRP token experienced a slight dip in value, after which the coin broke out of multiple resistance levels at $0.5233 and $0.5337 but was rejected at $0.5488.
After that, the Ripple token lost momentum and leveled its gains. The bulls failed to hold the price, resulting in the price continuing to lose value and breaking down its key support zone at $0.5033.
The XRP price traded in a closed range between $0.4913 and $0.5033 for a short period, following which the price experienced another dip, broke down the support level and started trading with $0.4810 as its crucial support level.
The price was seen hovering within range for almost two weeks until yesterday when the news broke out that the SEC had dropped charges against the top two executives of Ripple Labs, resulting in another defeat for the SEC.
Following the news, the XRP price experienced a jump of 4% in value within hours. Further, Brad Garlinghouse confirmed on the “X” platform through his account, resulting in the price gaining an additional 6% in value.
The XRP price has recently formed a flag pattern, indicating the price to undergo a massive price action in the coming time.
The MACD displays a green histogram in the chart, indicating the price is experiencing massive buying and selling power. Further, the histogram shows a decline in the bars, suggesting the possibility of the coin undergoing correction in the coming time.
Also Read: Bitcoin Price Forecast For Next Week: Bitcoin Sets Sights Above $30K As 72% Holders Turn Profitable
Suppose the bulls continue to hold power and break out of the resistance level at $0.5233. In that case, the price will gain strong positive momentum and continue increasing and testing its upper resistance level of $0.5337 in the coming days.
Further, if all cases are dropped against Ripple’s XRP, the price is expected to regain massive investments from the investors, resulting in the price jumping and re-testing its $1 mark by the year-end.
Conversely, if the bears overpower the bulls and the price experiences a trend reversal, the coin will lose momentum and test its support zone at $0.5033 soon.
Moreover, if the price fails to hold its value, it will continue to fall and test its lower support level of $0.4913 this week. If the XRP bulls fail to regain power, the price will dip and test its crucial support level of $0.4810 in the coming days.
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