Bitcoin (BTC) price rose above $34,000 again, despite a slight pullback yesterday. This is good news for altcoins. Investors cannot overlook the possibility of altcoins experiencing sharp sell-offs with the sudden drop in Bitcoin price. Indeed, it will take time for larger masses to believe in the rise due to the ongoing situation for months.
XRP News
There is no new development in the Ripple case. If the parties do not create a negotiation schedule on the consent until the beginning of November, the Judge will do so. The dropping of charges against Ripple executives by mutual agreement between the parties means that the outcome will be finalized earlier. SEC wants to go to mass appeals and it does not have time until 2027.
The case, expected to be completed next year, is currently proceeding with Ripple leading 3-0. If SEC is well prepared for the appeal process, it can defend its goals. So what if all members say that XRP Coin sales on exchanges are not securities?
It is difficult, but they can still do it. Although the judge in the UST and LUNA cases says the opposite, the story of XRP Coin, its release process, its institutional structure, and so on are very different.
XRP Coin Chart
In the short-term chart, XRP Coin price seems to test $0.53 in the coming hours since it lost the $0.55 region. As we mentioned, there is anxiety due to the waiting for SEC’s move on the legal front. Moreover, the price exceeding $0.9 recently caused a group of excited investors to buy at high levels and increase their average cost.
The above chart clearly shows the levels to be followed for a real rise on a daily basis. A closing above $0.584 is needed for the start of a rally. If the first target is exceeded, the resistance level of the first parallel channel can be targeted. The midpoint of the channel is $0.65, which is a previous resistance, and the ceiling is $0.94. The ultimate peak in the medium term is the $1.35 range, and after that, the new ATH target is $2 and above.
However, due to the reluctance of XRP investors and the pause in the rise of BTC price, it seems that a drop to $0.53 is approaching. Below that, there are targets of $0.49 and $0.44.
