Technical analysis

Ripple News: XRP Price Might Rally To $0.80 If Bulls Hold This Crucial Level


The post Ripple News: XRP Price Might Rally To $0.80 If Bulls Hold This Crucial Level appeared first on Coinpedia Fintech News

The XRP market has traded around 51 cents in the past few days despite the heightened crypto regulatory crackdown in the United States. The Ripple-backed XRP has been joined by other digital assets in fighting for crypto regulatory clarity through the United States judicial system. According to SEC Chair Gary Gensler, there is no need for other digital assets since the US dollar, Euro, and Pound have already been digitized. 

Nonetheless, the SEC Chair fails to consider the fact that investors are searching for assets to hedge against the high fiat inflation. As a result, terming Bitcoin and all altcoins as unregistered securities and not a commodity like gold and oil lacks merit from most investors’ standpoints.

XRP Price Analysis

According to crypto analyst TradingViewDemiGod, XRP price remains on a rising trajectory if the bears fail to push the instrument below $0.49. As XRP long traders try to buy the dip of the 20-day EMA, the analyst is convinced a rally towards 59 cents is imminent in the coming days. Notably, the $0.59 level is a critical resistance region that the analyst expects heightened sell pressure.

While a possible drop toward 30 cents stands amid bearish crypto sentiments, the analyst expects XRP to rally towards 80 cents if the buyers outdo the sellers around 60 cents.

“…Buyers aim to overcome the overhead hurdle, signaling the beginning of a new uptrend. If successful, the XRP/USDT pair could rally towards $0.60 and potentially reach $0.80,” the analyst concluded.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: