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It was a challenging 24 hours for investors, and we have witnessed significant developments this week. Under normal circumstances, this week had a very calm agenda, just like that bloody week in early June. During that week, when there was almost no development on the macro front, the SEC filed lawsuits against two major crypto exchanges.
Now, the Binance settlement has hit the headlines like a bombshell. Amidst the chaos and busy agenda, what do the latest predictions indicate for XRP Coin?
XRP Coin Review
Similar to many altcoins, we see an ongoing upward trend in the XRP Coin chart, following the support line since the beginning of the year. While doing so, XRP broke an important horizontal resistance and reached $0.93. Many investors overlook this when analyzing the charts. The surge following the summary judgment defeat of the SEC was an overbought movement.
XRP Coin price could not sustain the $0.93 level, as usually, things that weaken it come after every good news. Due to this situation in the crypto world, things turned around with the SEC’s intention to appeal. Subsequently, XRP Coin confirmed the support trendline twice in August and October. Despite the decline, the price continues to stay above the key resistance area and trendline.
XRP Coin Price Predictions
Analysts remain optimistic about the long-term outlook. The short-term outlook is not that bad as long as the BTC price maintains the $36,500 region. For now, the market has not fully absorbed the major news. CryptoBull and JD indicate the continuation of the uptrend. The third analyst, CryptoBull, wrote the following:
“The projected prices for XRP based on past breakouts are $4.20 and $7.20. XRP experienced a major breakout at the end of each triangle, and we are about to complete the fourth triangle.”
Current technical readings do not confirm a clear direction for XRP Coin. The price tested $0.57 and we need a strong reaction rally from the $0.55 support. If the price loses this support, a drop to $0.48 is possible. In the reverse scenario, the target could be the familiar $0.65 and $0.75 (as intermediate resistances) that we have seen in the past few weeks.
