This remarkable uptick was initiated by Ripple‘s significant legal victory over the United States Securities and Exchange Commission (SEC), catapulting XRP above the $0.94 threshold, a level last seen in April 2022.
However, the jubilation was short-lived, as XRP’s value swiftly retraced, erasing its gains and leaving investors uncertain about the token’s future.
Breaking out of a falling wedge pattern, XRP now hovers around $0.5, with Fibonacci 50% support potentially pushing it to $0.7. Ripple has an upcoming event dubbed a “Proper Party” scheduled for September 29, where announcements regarding an IPO are anticipated.
XRP’s nearest target price is $0.55, which is also the 23.6% Fib level and is considered temporary resistance as XRP’s price is rejecting this level.
XRP price chart. Source: TradingView
The current XRP price resides around $0.5, a pivotal zone following a recent sharp decline. Notably, trading volume for XRP has remained stagnant, suggesting that major investors are biding their time, waiting for catalysts to either drive prices higher or initiate selling. Currently, XRP’s trading volume is $750 million.
As Ripple’s legal battles and market dynamics continue to unfold, the crypto community keeps a close eye on XRP’s next move in this turbulent landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
