Following a 3 percent surge in the last 24 hours, XRP’s price encountered resistance at approximately $0.513, just below the daily 200 Moving Average (MA). Some crypto analysts are speculating on a potential daily death cross, which could trigger additional panic selling. Nevertheless, there are signs that the Ripple-backed digital asset might be gearing up for a sudden upward move.
Furthermore, there’s a strong possibility that US District Judge Analisa Torres will reject the SEC’s interlocutory appeal related to the summary judgment from July. Additionally, Ripple has been expanding its On-Demand Liquidity (ODL) program into more cross-border payment corridors, aiming to enhance the utility of XRP.
XRP Price Prediction
#XRP in the daily & monthly charts is super strong. He has broken down the Resistance Minor and proceeded to Resistance Major, which was at $1.33 and is now getting lowered to $1.237.
We know the importance of Supports in #Crypto, due to a flash crash or short-term shakeouts.… pic.twitter.com/B6KcHCFeGd
— Dark Defender (@DefendDark) September 19, 2023
Dark Defender, a prominent XRP enthusiast believes that XRP exhibits considerable strength in higher time frames. He also pointed out that XRP’s price has adhered to a macro-symmetrical triangle pattern following a recent rebound from the lower boundary. The analyst noted that XRP’s price recently broke out of a short-term structure, potentially paving the way for further gains, surpassing the psychological $1 mark.
As the symmetrical triangle narrows at its edges, Dark Defender highlighted that the upper resistance zone has shifted from $1.33 to approximately $1.237. If XRP can breach this critical resistance level, the analyst anticipates that the all-time high (ATH) will come into play. However, should further capitulation occur, the crypto analyst foresees a substantial support zone ranging from 39 cents to 46 cents.
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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