Price movement of XRP has been slow recently; it stays about $0.53 and shows a 7% drop over the previous month. Many investors are becoming frustrated as they see the altcoin stagnating after a bit of an increase recently.
Despite the weak performance, technical analysts are starting to see possible signals of a major change despite the negative vibe; if XRP effectively crosses an important Fibonacci retracing level, they project a strong recovery.
Market analyst “Random Crypto Pal” thinks XRP is about to break out in an “explosive” manner. On social media, he shares his observation and emphasized the significance of the 0.236 Fibonacci level, which XRP has not yet hit but is approaching. Should this level give way, he expects a price explosion similar to the one it observed in 2017.
Once breaks above 0.236 fib the 2017 EXPLOSION is coming 👀🔥🔥🔥💥💥💥
Only PURE FACTS 😎😎😎
Like ❤️ repost ♻️ FOLLOW 🙏🙏
— Random Crypto Pal (@RandomCryptoPal)
The Trajectory Of XRP Towards $0.80
The Fibonacci level of 0.236 analysts have on their radar would see a price that is slightly above $0.80. so an approximate gain of 45% would be needed to be achieved in order to bring about a price for that. When it reaches this threshold of $0.80, the huge returns may appear rather quickly for the coin.
In 2017, XRP broke above the resistance of 0.236 Fibonacci and continued on a long rising trajectory that topped at an all-time high in January of 2018. The historic parallel gives analysts hope that history may repeat, but unless XRP is able to break this resistance level it is not really possible to predict whether or when the rally might occur, nor the magnitude of the price increase.
XRP market cap currently at $30.9 billion. Chart:
Ripple’s Legal Dispute
A primary obstacle that may mitigate this confidence is XRP’s protracted with the US Securities and Exchange Commission (SEC). The ambiguity over this litigation persists in affecting investor sentiment. The SEC has classified the majority of altcoins as investment contracts; nonetheless, XRP has endured the most intense scrutiny, rendering it one of the most legally complicated digital currencies available.
XRP price up in the last 24 hours. Source:
The decision of the court that XRP is not a security constituted a major victory for Ripple Labs, but it has almost been challenged by an appeal from the SEC. The ongoing lawsuit between Ripple and the SEC gives uncertainty over how long the cryptocurrency would face this uncertainty.
XRP could, therefore, present the avenue of survival through institutional investment despite the judicial ambiguity. Bitwise and Canary Capital appear to believe in the coin by pushing for a US-based XRP ETF. This tool would definitely make XRP’s position better and may attract more investment. Furthermore, advancements on the XRP Ledger are fostering optimistic feeling among the community.
The potential for XRP to surpass $0.80 and initiate a new surge is yet to be determined. Nonetheless, due to the influence of technical, legal, and institutional considerations, investors are closely monitoring forthcoming developments.
Featured image from iStock/Getty Images Plus, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
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Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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