The Ripple XRP Price Attempts to Reclaim $0.53 Area
The Ripple XRP price has experienced a decline since July, breaking down from the $0.53 area in August. However, it has recently shown signs of recovery and is making an effort to reclaim that level. The question now is whether it will succeed.
Ripple Breaks Out From Resistance Trendline
On the daily timeframe, the XRP price has been trading under a descending resistance trendline since reaching its yearly high of $0.94 in July. This led to a low of $0.42 in August, causing a breakdown from the $0.53 horizontal support area, which has now become resistance. After several failed attempts, XRP finally broke out on October 19 with a large bullish candlestick.
Recent Ripple Developments Signal Bullish Momentum
Positive news regarding Ripple’s legal battle with the SEC has emerged, as the lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Lawson has been dropped by the SEC. This follows a judge’s denial of the SEC’s appeal earlier this year. Additionally, there have been speculations about Ripple planning an IPO in the future based on a recent job opening for a “Shareholders Communication Senior Manager” position. The upcoming Ripple Swell conference, scheduled for November 8-9, is also expected to generate momentum.
XRP Price Prediction: Will it Reclaim the $0.53 Area?
The shorter-term six-hour timeframe and the Relative Strength Index (RSI) indicate a potential increase in the XRP price. The price action shows that XRP has been trading within an ascending triangle pattern since August, which is typically a bullish pattern leading to breakouts. The RSI is currently above 50 and rising, suggesting a bullish trend. On-chain data also supports this sentiment, with wallets holding a significant amount of XRP and social dominance reaching a monthly high.
However, there is a possibility of a 7% drop to the long-term ascending support line at $0.49 if there is a rejection from the $0.55 area.
Hot Take: XRP Shows Signs of Recovery Amid Positive Developments
The Ripple XRP price has been on a downward trend since July but has recently made progress in reclaiming the $0.53 area. Technical analysis suggests that the breakout from the descending resistance trendline and positive news regarding Ripple’s legal battle with the SEC are contributing to this recovery. The upcoming Ripple Swell conference and on-chain data further support the bullish sentiment. However, caution is advised as there is a possibility of a pullback if there is resistance at $0.55. Overall, the outlook for XRP appears optimistic as it seeks to regain its previous levels.
By
By
By
