Ripple (XRP) Price Analysis: Key Levels and Analyst Perspective
Ripple’s price has been a topic of discussion due to its ongoing legal battle with the Securities and Exchange Commission (SEC). Over the past two weeks, XRP has experienced an 8% decline, and in the last seven days, it has dropped by approximately 3.3%.
Critical Levels for XRP’s Price
In our recent analysis, we have identified some critical levels that may impact XRP’s price in the near future and set the tone for the mid-term.
Firstly, it’s important to note that XRP recently fell below the 200-day moving average at around $0.51, which typically serves as a significant level of support or resistance. With the price currently below this level, it will require considerable effort from the bulls to reclaim it.
The next crucial level is at $0.42, which holds substantial support. It is essential to monitor whether XRP reaches this level.
XRP Not Interesting Right Now: Analyst
A well-known cryptocurrency trader named Sjuul shared his perspective on XRP’s price, stating that he is currently not interested in it at its current level. He also provided a chart displaying his entry triggers:
- Tap into the demand zone
- New higher high
- Entry on retest
The analyst acknowledged that the SEC lawsuit significantly impacts XRP’s price and advised keeping an eye on related news.
Hot Take: Analyst Discourages Investment in XRP at Current Level
Considering the ongoing legal battle with the SEC and recent price decline, it may be wise to exercise caution when considering an investment in XRP. The critical levels of $0.51 and $0.42 will play a crucial role in determining the cryptocurrency’s future performance. Stay informed about the latest news regarding the lawsuit to make well-informed decisions.
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