The XRP Coin price has lit up the night with a similar announcement to July. However, the price movement remained subdued. After a 3-year battle, the SEC, which started its war on cryptocurrencies with XRP Coin, is letting go of Ripple executives. So what is the current situation for this popular altcoin? What should investors aim for?
The popular cryptocurrency continues the day with a 7% increase, trading at $0.52. Since July, the price has fallen and lost $0.53, narrowing to a tight range. With the support of investors who engage in short-term profit-taking, the price continues its two steps forward, two steps back journey.
The daily chart readings show that the XRP Coin price has fallen below a declining resistance trend line since its $0.94 peak in July 2023. This movement triggered a $0.42 low in August.
After several unsuccessful attempts to break the trend line, XRP Coin finally broke through with a large bullish candlestick.
So what’s next? The price is still trading just below the $0.53 resistance level. The news of the dismissal of the recent lawsuit amid speculation that Ripple is planning an IPO was extremely positive. Moreover, the Ripple Swell conference, which will take place on November 8-9, could bring some important announcements.
In summary, XRP Coin has a busy agenda. The RSI readings on the 6-hour chart in terms of price support further continuation of the price increase. The altcoin, which has been trading within a rising triangle formation since August, can start its real rally at any moment.
The formation suggests that the price of XRP Coin will reach $0.7. On-chain data also supports this view. Wallets holding 10,000 – 10,000,000 XRP have been growing since July 27, increasing social dominance.
However, there is also a possibility of ending the rise at $0.55 before it even begins. A rejection from here could cause the price to drop to $0.49, the long-term rising support line. BTC is currently above $29,500, and ongoing candlestick closures support the rise of XRP.
No interest rate hike is expected at the November 1 Fed meeting, and this time, we may not see surprise sharp drops as the meeting approaches. However, the ongoing unsuccessful tests for the past few months make it difficult for investors to believe that the rally has truly begun.