The XRP price has taken a significant hit recently, erasing the gains it initially saw following Judge Torres’ ruling, which handed Ripple a partial victory in its legal battle against the SEC. In addition to this setback, major XRP holders, often referred to as “whales,” have been steadily selling their XRP holdings over the past two months, adding to the downward pressure on this cryptocurrency.
EGRAG CRYPTO’s analysis indicates that XRP needs to regain the $0.6 price level to signal that its recent decline might have hit its lowest point. Failing to achieve this could potentially result in a short-term drop to around $0.41.
According to the analyst, for XRP to regain its bullish momentum, it must re-enter a previous trading range and close above key levels at $0.6 and $0.67. As of now, XRP is trading at $0.5256, which means it would need to increase by 14.13% to reach the $0.6 mark.
Falling short of this goal could indicate a short-term bearish trend. On a different note, EGRAG anticipates a possible pullback for XRP within the range of $0.41 to $0.43, potentially setting the stage for the next upward movement.
Read More: Here’s How XRP Could Boost Ripple’s IPO Valuation!
Several important indicators suggest that XRP bears might be losing their hold on the market. Firstly, there has been a noticeable increase in trading volume, signifying heightened participation in XRP trading. This surge could indicate growing confidence in XRP’s potential and a heightened interest among traders.
Secondly, bears are finding it challenging to control XRP’s market value. This is an unusual situation, as prices often dip after a prolonged period of growth. However, XRP has shown remarkable resilience, maintaining its upward momentum.
As XRP balances on crucial support levels, traders and enthusiasts are closely monitoring how the cryptocurrency navigates these challenges. They eagerly await signs of a potential bullish rally. Currently, the coin is trading at $0.5308, reflecting a significant increase of 2.97% in the last 24 hours.
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