XRP is struggling to maintain a steady momentum above the $0.60 mark, causing concern among investors. Despite a positive start earlier in the year following Ripple’s partial legal victory, recent developments have cast a shadow over its performance. Many XRP holders are frustrated with the continuous legal and political challenges, feeling that these issues are hindering XRP’s potential despite its strong technology and use case.
Current Movement: The price has been slowly rising but has not made significant gains since yesterday. Over the weekend, there was a push up to around $0.60, but the overall trend remains unchanged.
Trend Line and Pattern: The price is approaching a key trend line near $0.61. There’s a possibility of a final push to this level. A triangle pattern (ABCDE) might be forming, with the E-wave potentially creating a higher low.
Support: The crucial support level is the low from September 6, around $0.52. A drop below this would extend the triangle pattern or invalidate the micro pattern but not the overall triangle.
Resistance: A breakout above $0.64 (the swing high from August 8) would signal a successful move, provided the breakout is convincing.
Factors Affecting The XRP Price:
SEC Appeal: Ongoing uncertainty surrounding the SEC’s appeal against Ripple is a major concern. Investors fear that prolonged legal battles could deter buying and holding XRP.
Trump’s Legal Issues: Recent news involving Donald Trump, particularly related to potential crypto regulations, has added to the market’s uncertainty. Speculation that Trump’s legal troubles could lead to stricter U.S. crypto regulations is putting additional pressure on XRP.
At the time of writing, XRP price is down by more than three percent. It is trading at the $0.56 levels.
