XRP’s Bullish Action and Market Strength
Most assets in the cryptocurrency industry are displaying strength, with the flagship decentralized finance (DeFi) asset leading the way and the sector’s total market capitalization increasing by over 3% in the last day. XRP, the digital asset, has also shown bullish action, surpassing $0.70 recently and pulling away from its previous 4-hour buy signal at $0.5147 on October 20. According to an analysis shared by pseudonymous crypto trading expert CoinsKid on November 9, XRP’s current price action could lead it back down to $0.6251.
$0.73-$0.76 First?
CoinsKid expressed his expectation that XRP would experience a “simple micro ABC zig-zag here back down to 0.6251 (HOPIUM?)” and then take out the local high at $0.7336 through invalidation. He added that “XRP keep bouncing off the upper support of the buy & sell like a boss.”
Optimism Triggered by SEC News
The recent news of a narrow window for the United States Securities and Exchange Commission (SEC) to approve all 12 spot Bitcoin (BTC) exchange-traded fund (ETF) applications has triggered optimism in the crypto industry, leading to a capitalization increase of over 3%. XRP is still feeling the positive effects of Ripple’s court win against the securities regulator.
Hot Take: XRP’s Resilience in a Bullish Crypto Market
In a bullish crypto market, XRP has shown resilience by surpassing $0.70 and pulling away from its previous buy signal. Despite potential price fluctuations, analysts remain optimistic about XRP’s performance, citing its ability to bounce off upper support levels. Additionally, recent industry developments, such as the SEC’s potential approval of Bitcoin ETF applications, have contributed to overall market optimism and strength.
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