XRP Price Poised For 50% Spike Soon, But There’s A Catch

The post XRP Price Poised For 50% Spike Soon, But There’s A Catch appeared first on Coinpedia Fintech News

XRP, the cryptocurrency associated with Ripple, has experienced a period of consolidation following the SEC vs. Ripple ruling that determined institutional sales as securities and retail exchange sales as non-securities. During the past two weeks, XRP’s price has corrected, leading experts to anticipate a new bullish phase after a macro breakout earlier this month.

This sentiment is further bolstered by increased listing and trading pairs on various crypto exchanges, enhancing overall liquidity. Despite these positive developments, caution is advised, as XRP faces significant resistance around the $1.3 mark in its weekly triangle consolidation.

Notable digital asset analyst, Crypto Tony, suggests that the current short-term consolidation in XRP could present an opportunity for potentially profitable trades. The key for XRP bulls is to flip the resistance zone around $0.726 and successfully retest it as a support level. This confirmation would establish a perfect entry point for the anticipated scalp trade, expected to occur in the following days.

Crypto Tony has a track record of making sharp XRP trades, including a successful one prior to the SEC vs. Ripple ruling earlier this month, which yielded significant profits.

While the outlook for XRP appears positive, there remains a level of uncertainty, and traders should be vigilant. The analyst warns that the scalp trade setup could be invalidated if the XRP price breaks below the support level of approximately 69 cents.