XRP Price Promising Risk-to-Reward Ratio Amid SEC vs Ripple Trial Anticipation

21 November 2023

in ApeCoin

Reading Time: 2 mins read

XRP, backed by Ripple, has emerged as one of the top five altcoins with a promising risk-to-reward ratio, showcasing resilience after consolidating for the past five years. With the SEC vs Ripple trial looming for early next year, XRP’s price appears well-positioned to rally as speculation intensifies. Additionally, smart money traders are gearing up to “buy the rumor and sell the news” to capitalize on the anticipated volatility.

Key XRP Levels to Monitor in the Short-Term

XRP’s price is swiftly approaching the apex of a macro triangular consolidation, leading the renowned crypto analyst “Dark Defender” on the X platform to present a bullish scenario for this Ripple-backed altcoin. Dark Defender suggests that XRP has formed a cup and handle pattern in the daily time frame, strengthening the bullish sentiment. Consequently, Dark Defender has established XRP’s price targets from $1.05 to $1.88.

If the bulls fail to defend the support level at approximately 60 cents, Dark Defender anticipates that XRP’s price will discover substantial support at 52 cents. However, monitoring for a consistent close below 60 cents is essential, which would invalidate the bullish structure.

Taking a Closer Look at Fundamentals

XRP’s liquidity depth has significantly improved since U.S.-based exchanges relisted the altcoin following Ripple’s resounding victory against the SEC. Market data provided by Binance-backed Coinmarketcap reveals that the XRP/USD pair now boasts a total daily volume of approximately $36.3 million, starkly contrasting to zero just a year ago.

Furthermore, there have been observations of XRP whales reaccumulating more coins in anticipation of an imminent breakout.

Source link