Expert identifies the option for XRP after a positive outcome of judicial examination of the SEC

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Veröffentlicht am 21.07.2023

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XRP - departure to new heights? The cryptocurrency market currently consolidates the massive profits caused by the positive outcome of the judicial discussion between Ripple and the US stock exchange supervision SEC. But an expert has now identified the possibility of an outbreak at XRP. The well-known crypto analyst Coinskid had already observed an interest bully reverse diagram pattern and a correction phase at XRP in July 2022. In a video on his YouTube channel, he explained in detail that he found a C wave pattern consisting of five waves. Graphical representation of the price promotions of XRP: Source: Coinskid The expert interprets the movements of XRP as a sign that the cryptocurrency is currently ...

Expert identifies the option for XRP after a positive outcome of judicial examination of the SEC

XRP - departure into new heights?

The cryptocurrency market is currently consolidated by the massive profits caused by the positive outcome of the judicial discussion between Ripple and the US stock exchange supervision Sec. But an expert has now identified the possibility of an outbreak at XRP.

The well-known crypto analyst Coinskid had already observed an interest bully reverse diagram pattern and a correction phase at XRP in July 2022. In a video on his YouTube channel, he explained in detail that he found a C wave pattern consisting of five waves.

Graphical representation of the price campaigns of XRP:

The expert interprets the movements of XRP as a sign that the cryptocurrency currently breaks out of a widening, descending wedge. According to its technical analysis, this suggests that XRP is about to be moved upwards and could possibly achieve a new all -time high.

However, XRP has to overcome several levels of resistance to confirm this upward movement. The first major resistance was broken at a price of $ 0.5435. Further resistance levels are $ 0.91 and $ 1.28. If XRP succeeds in maintaining this structural support and breaking through all resistance, according to Coinskid, the target of $ 6 could be achieved. The expected minimum goal is between $ 1.60 and $ 1.80, based on the Fibonacci extension.

Currently XRP is traded for $ 0.78. In the last 24 hours, the cryptocurrency has recorded a decline of 4.37 %, while it has dropped by 2.38 % in the past seven days. Nevertheless, XRP has had an increase of 57.09 % in the last 30 days.

Graphical representation of the price development of XRP in the last 30 days:

Source: Coinphony

whether XRP can actually meet the expectations of the analyst depends not only on the technical indicators, but also on other developments in Ripple and the XRP ecosystem as well as on the general atmosphere in the cryptocurrency market and in the macroeconomic landscape.

It remains exciting whether XRP creates the outbreak and climbs new heights. We will watch the further development.