XRP Price Action Hints Consolidation Phase Will Soon End as Legal Battle With SEC Nears Conclusion

The price of XRP has stayed consistent despite the market's ongoing consolidation. It has been lingering above the $0.46 level in an effort to seek support above the long-coming support trendline.

The price of XRP has remained largely consistent throughout this week's trading sessions, despite the broader market’s ongoing consolidation. It has been seen hovering above the $0.46 level in an attempt to find support above the long-coming support trendline.

This week's neutral candlestick pattern suggests that neither buyers nor sellers are taking a strong enough stance to determine the direction of XRP's price trajectory. However, market participants are anticipating a significant directional shift in the token's price as the legal battle between Ripple and the SEC nears its conclusion.

From Triangle Breakout, XRP Price Anticipates a Grand Bull Run

The price of XRP hit a high of $0.74 at the beginning of March, marking the beginning of the cryptocurrency's current downtrend. This negative trend saw the asset’s value drop to lows of $0.427, and its market capitalization fell to $26.28 billion, indicating a decline of 36.8%, as reported by Coingape.

A closer look at the daily chart, however, reveals that this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. This pattern causes the asset's price to echo within two converging trendlines as it gathers momentum in a specific direction.

If this pattern continues to influence XRP's price, the token's price, currently positioned close above the pattern's lower trendline, could encounter greater buying interest. In the event of a potential upswing, the price may rise by 35% to reach the overhead trendline at around $0.63.

A breakout from the triangle pattern would signal the end of the current consolidation phase and amplify the bullish momentum in XRP's price. If buyers continue to buy, the post-breakout rally could propel the token's price to levels above the $2 mark.

Moreover, prominent trader EGRAG CRYPTO recently shared a bullish technical analysis for XRP on social platforms, anticipating a minimum price target of $6.4.

The trader highlights that despite the recent market volatility, the monthly candle for XRP is expected to close above the Fibonacci 0.236 level, which serves as an indication of natural market consolidation.

EGRAG CRYPTO Anticipates Key XRP Price Levels Amid Legal, Market Influences

According to EGRAG CRYPTO, the next major XRP target is the Fibonacci 0.5 level, based on their analysis of the futures. They believe that with strong market conviction, if this level is breached, it could open the door for XRP to reach the Fibonacci 1.618 level, currently at $6.4.

Several key factors will influence the XRP price reversal, including a resurgence of buying interest in the broader market and the conclusion of the ongoing legal battle between Ripple and the SEC.

Technical Indicator

Bollinger Bands: The seller's presence in the XRP market is highlighted by the decline in the Bollinger Band indicator's lower band.

Moving Average Convergence Divergence: Multiple crossovers between the MACD line (blue) and the signal line (orange) indicate a neutral market sentiment in the short term.

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