XRP price could be aiming at a new price spike despite the most recent correction
For the previous two weeks, XRP has had one of the best price performances on the cryptocurrency market. However, the short-term price decline sent the asset back to the 200-day moving average’s local support level, and a new pattern is building today. At the time of writing, the XRP price is changing hands at $0482.
XRP/USD 4-hour chart | Source: TradingView
XRP Price Reloading for New Spike up Following 13% Plunge
Following the upward surge, XRP is building an ascending channel on the daily chart. When an asset enters a channel, volatility decreases, which leads to a breakout. Meanwhile, XRP is moving along the channel’s lower edge, gradually ascending. The most likely scenario from here is a placid advance until bulls are ready to supply more purchasing support for the asset, resulting in a higher robust surge.
Unfortunately, some indicators show that the asset is on its way down as it slowly loses investors’ support, which previously caused a massive 61% price surge. Descending volume profiles act as preliminary signs of a reversal but do not have high accuracy.
Despite all of the technical indicators and market activity, Ripple’s victory in court against the SEC is the primary growth driver for XRP, despite the asset’s lack of a direct link to the firm at this time.
Given the enormous victory streak, Ripple is quite likely to win in court, which is a very good indicator for XRP holders. It is currently trading at $0.48, having had an 8% reverse after reaching the local high of $0.54. On Binance, trade volume has recovered to pre-pump levels of 200 million XRP per day.
Read more:
- XRP Community Continues To Keep Fingers Crossed For The Release Of Hinman Documents
- The Market Sees Half A Billion XRP Transferred While XRP Price Drops From The $0.5 High
- Concerning The Ongoing Ripple Lawsuit, Judge Ordered SEC To Turn Over Emails But Did Not Specifically State When