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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

XRP Set To Skyrocket 47% If Key Resistance Breaks, Analyst Suggests

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
XRP

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After a strong uptrend that catapulted XRP over the $0.585 mark, XRP’s price has been consolidating within a narrow range. Despite this, XRP bulls remain optimistic about the cryptocurrency’s prospects. Analysts like Ali Martinez believe XRP could potentially stage a significant breakout shortly.

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Will XRP Reach New Yearly Highs This Month?

According to Ali, if XRP can secure a 3-day candlestick close above $0.54, it could trigger a 47% surge in price. This could potentially further push XRP’s price to the $0.80 level, which is a price point not seen for over a year from now. 

XRP
XRP’s key level to break to reach new annual high. Source: Ali on Twitter.

However, the token has struggled to consolidate above its nearest resistance level, which has prevented it from moving higher. XRP has been trading within a tight consolidation pattern in the last few days, with a price range between $0.390 and $0.530. This range is just below XRP’s major resistance zone, which needs to be broken for the token to move into higher-price territories.

If XRP cannot break out of its consolidation pattern and move higher, the $0.450 level could be a critical support level for bullish investors. However, if XRP cannot maintain this level, the $0.417 and $0.375 levels will become important support floors to monitor in the event of a deeper retracement.

At the time of writing, XRP is trading at $0.518, representing a modest gain of 0.73% over the past 24 hours. Despite this moderate uptick, XRP’s bulls are looking for a major event to boost investor confidence and drive the token’s price even higher.

Will A Potential Ripple Win Against The SEC Propel A New Rally?

The Attorney and crypto supporter Jeremy Hogan has recently posted on Twitter why Ripple will win against the SEC. In his statement, Hogan highlights the unique value proposition of cryptocurrencies, particularly their decentralized nature. Unlike traditional financial systems, which a central authority or institution typically controls, cryptocurrencies operate on decentralized networks that are not owned by any single entity. 

For Hogan, this makes cryptocurrencies like XRP an attractive investment option, as they can purchase the token without needing a contract with any specific company or institution. The attorney further suggests that the outcome of the current legal case involving Ripple and the Securities and Exchange Commission (SEC) may hinge on the judge’s understanding of cryptocurrency technology. 

Hogan believes that if the judge of her law clerk has a solid grasp of the technology behind cryptocurrencies like XRP, Ripple will likely win the case. However, for the attorney, if the judge does not fully understand cryptocurrency technology, then there might be room for the SEC to regain the upper hand. 

If Ripple is successful in its legal battle against the SEC, it could restore confidence among XRP holders and trigger a bullish uptrend cycle for the cryptocurrency. This could mark a turning point in the industry, leading to significant gains for the token.

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XRP
XRP’s sideways price action on the 1-day chart. Source: XRPUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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