With the upcoming Ripple party and developments related to the lawsuit, XRP Coin continues to maintain its popularity. However, more is needed. The critical price level that investors need to pay attention to will determine the performance of the altcoin. Meanwhile, current readings are giving important signals to investors about the short and medium-term situation.
XRP Coin, the crypto veteran who has been fighting with the SEC for years, has been experiencing an increase since completing the double bottom formation 13 days ago. The negativity in the overall market sentiment makes it difficult for the bulls. If the price falls below $0.49, the short-term bullish expectation may be at risk.
After completing the formation, it was expected that the price, which came out of a decreasing resistance line in place since the highest level of the year, would start a strong rally. Especially the assumption that the Ripple Victory Party to be held this week will support this was strong. Indeed, it is expected that company officials will give an important announcement (IPO or settlement with the SEC?) at this party.
For now, the price, which tested $0.52, has not been able to exceed this level. Although RSI is increasing, it has not yet exceeded 50. If the movement continues, it is important for it to pass this critical threshold.
In the short term, the six-hour chart does not provide a clear bullish signal. The $0.49 support, which is being tried to be confirmed as support, also fuels the positivity here. However, if the XRP Coin price falls below the short-term rising support, it is a signal confirming the end of the upward movement. In addition, the bearishness is supported by the closures of RSI below 50 on the six-hour chart.
If the XRP Coin price falls below the horizontal support of $0.49 in the short-term chart, it may pull back to the $0.46 region with a 7% loss. On the other hand, in the scenario where buyers attack, a 5% increase to the resistance area of $0.52 would not be surprising.
The second department has not yet responded to the SEC’s appeal. If the appeal hearing is not accepted, a collective appeal will be made, and the summary decision will remain in its current form until April next year. This will save most altcoins, especially XRP, which have been stamped as securities.