Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The 1-day and 4-hour price charts remained bullish as the $0.7 area continued to serve as a demand zone.
- There is the possibility of a deep retracement toward $0.6, especially if Bitcoin faces a drop below $29.7k.
The ruling last week that Ripple [XRP] did not violate federal securities law saw the token pump wildly, gaining 70% in value within a day. Investors must be excited that XRP is “not a security” as it inspires confidence and brings regulatory clarity across the crypto landscape.
Read XRP’s Price Prediction 2023-24
The price action of XRP on the 1-day chart showed it has multiple levels of support to the south that need to be breached before its outlook gets flipped to the bearish side. First among them is the $0.7 level, which has seen demand in the past few days.
The 50% retracement level has been defended as support thus far
After the strong rally last week, the XRP bulls have not relinquished their hold on the market. The OBV showed that even though there was some selling pressure, the buyers have remained the stronger of the two and prices are likely to go
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Author: Akashnath S
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