Bitcoin price is aiming for an upside break above $63,000. While Ethereum surpassed the $4,200 resistance, major altcoins are showing positive signs.
For quite some time, the price of XRP has been consolidating around $1. The range appears to be narrowing, and a breakthrough appears to be approaching.
XRP Price Action
After plunging below $1.10 XRP/USD is currently moving sideways to test support at the $1.04 level. At present, the support near $1 is holding well, and altcoin is testing the resistance at the $1.2 pivot level.
Meanwhile, a break above the pivot level may most likely take XRP/USDT price above the potential $1.25 followed by $1.30, and $1.35 resistance levels in case of an extended rally.
XRP to test resistance at $1.24, but clearing this will open the path to $1.43. In an extremely bullish market sentiment, the crypto could extend gains and retest $1.67 or $1.84, with a nearly 67% gain.
On the Downside, if the XRP price fails to hold above $1.2, the altcoin might drop to a $0.95 support level.
Sec Vs Ripple Deadlock
The current legal dispute that Ripple is engaging in with the US regulator continues to stymie the company’s favorable correlation with Bitcoin pricing. The matter is still pending since the court recently granted the SEC’s request for an expert discovery extension. This is a two-month extension.
The Ripple team isn’t happy with the decision, claiming that the extension will cause Ripple markets in the US to become even more frozen. Ripple alleges that practically all digital exchanges in the United States have stopped trading Ripple pairs, causing the token’s company to suffer “severely” and allowing Ethereum to overtake it as the second most valued cryptocurrency.
Investors are currently focusing their attention on other combinations that have the potential to deliver gains. Holders of the XRP token will now be looking for returns based on the pattern.