XRP Price Struggles to Maintain Gains Following Ripple Ruling
XRP’s price has taken a hit in recent weeks, losing a significant portion of its gains from the Ripple ruling in July. The token is currently struggling to find support at $0.60 and avoid further losses to $0.5 and $0.4.
SEC Appeal Could Further Complicate XRP Market
The Securities and Exchange Commission (SEC) has announced plans to file an appeal of the ruling, which could complicate the XRP market and hinder its potential rise to $1. The appeal will only target a specific part of the ruling, leaving the rest of the lawsuit for trial.
Potential Breakout and Trend Reversal
Despite the impending appeal, there are signs of a potential breakout and trend reversal for XRP. The token is currently forming a falling wedge pattern on the daily chart, suggesting that the downtrend may be ending. If the price breaks above the upper trendline at $0.65, it could indicate a breakout with a target equal to the height of the pattern.
Trading Strategy and Targets
Traders looking to enter long positions on XRP may want to wait for the price to rebound from immediate support around $0.6261. Additionally, the Moving Average Convergence Divergence (MACD) indicator should turn bullish, with the MACD line crossing above the signal line. Buy orders above $0.65 may target initial profits at $0.7 and potentially higher resistances at $0.85 and $1.
Potential Risks and Support Levels
If the XRP dominance fails to bounce off a key trendline, the token may experience further losses below $0.60 and towards $0.5 and $0.4. Currently, XRP is testing the daily point of control at $0.6344, and if overhead pressure increases, losses may extend to the weekly open at $0.6234 or even the week’s point of control at $0.5974. To resume the uptrend, bulls need to push the price above the daily open at $0.6433 and aim for higher resistances at $0.7, $0.85, and $1.
Hot Take:
The XRP market remains uncertain following the SEC’s decision to appeal the ruling. While there are signs of a potential breakout and trend reversal, the token’s price is still vulnerable to further losses. Traders should carefully monitor key support and resistance levels, as well as the outcome of the appeal, before making any significant trading decisions.
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