XRP price analysis: Six failed breakouts in a row – What is blocking the bullish trend reversal?
2 min readThe XRP price is up 2.5% to $0.554 in the last 24 hours , while the crypto market as a whole is down 0.5% today.
XRP is now up 3% in a week but down 5% in a month as the altcoin struggles with the fallout from the recent SEC appeal and repeatedly fails to break the $0.56 resistance level.
However, the increasing uptrend in the market could help the XRP price to recover more strongly in the coming weeks, especially when the coin has been undervalued for so long.
XRP Price Analysis: Six Failed Breakouts in a Row – What’s Blocking the Bullish Trend Reversal?
XRP is on a new upswing today. Indicators suggest that the price could test its resistance level (green) again in the next few days.
Most notably, the 30-period moving average (orange) has just climbed above the 200-period average (blue), a “golden cross” that may signal a major breakout.
At the same time, XRP’s Relative Strength Index (purple) has just hit the 70 mark after being below 50 for most of yesterday.
This also indicates new momentum while giving XRP room to continue rising as the RSI has not been high for very long.
Interestingly, whales have started accumulating XRP again, with the coin’s volume rising to over $1 billion this morning.
🚨 20,000,000 #XRP (11,099,706 USD) transferred from #Upbit to unknown wallethttps://t.co/IFywmBK7Sp
— Whale Alert (@whale_alert) October 21, 2024
This would indicate that the XRP price should rise significantly in the coming weeks.
One of the main reasons for the difficulties in recent weeks was that the SEC’s appeal against Ripple had scared off investors.
However , the SEC’s formal filing of the appeal – filed in recent days – has made it clear that the regulator is not challenging XRP’s non-securities status, but rather is focusing on programmatic sales of XRP (on exchanges) and sales by executives.
This has helped stabilize the XRP price, while excitement over the upcoming election has also boosted optimism.
As polls tighten, hopes are growing that a second Trump administration will soften U.S. regulation of cryptocurrencies. At the same time, the SEC’s stance will also be softened, perhaps leading to the removal of Gary Gensler as the regulator’s chairman.
Every Bullrun has kicked off in October. #Bitcoin is at $66k, the US Election is 3 weeks away and Trump will probably win 💪
Not only #BTC is ready for bullrun but also #XRP as we might see a price over $10+ atleast
Be patience, buy more $XRP & hold tightly. It's now or never. pic.twitter.com/4wQdB8wxqs
— ⚔️ XRP Avengers ⚔️ (@XRP_Avengers) October 20, 2024
If this is the case, the XRP price could reach $1 in the weeks following a possible Trump victory, while a Harris victory could see it rise to $0.70 by the end of the year.
