The post Ripple News: Will XRP Price Hit $0.56 Level This Weekend? appeared first on Coinpedia Fintech News
As the weekend approaches, the cryptocurrency market braces itself for potential fluctuations in volatility. Speculation is rife regarding two crucial aspects: regulatory scrutiny within the United States and the increasing institutional adoption of digital assets. Among the most heavily traded cryptocurrencies worldwide is XRP, backed by Ripple. Renowned for its market depth and promising prospects, XRP’s future hinges on the ongoing SEC vs Ripple case, with a ruling from Judge Analisa Torres anticipated imminently.
With the final judgment on the lawsuit eagerly awaited, the XRP community finds itself on tenterhooks, poised for a sudden fear of missing out (FOMO) should the ruling favor Ripple. Currently, the XRP price is undergoing a retest of a logarithmic macro downtrend, which could potentially pave the way for an imminent rebound.
Twitter’s influential crypto analyst, @CryptoTony, offers insights for daring XRP scalp traders. The analyst suggests keeping a close eye on possible hourly timeframe rebounds, potentially pushing the price toward $0.485. However, @CryptoTony cautions traders to exercise patience and wait for a discernible trigger before entering any trades.
Another trade i am looking to enter if we can press up against the highs at 0.485c. For now just waiting for a trigger to form before i look to enter pic.twitter.com/2Yz6Cl2GR4
— Crypto Tony (@CryptoTony__) June 16, 2023
@CryptoTony presents a compelling argument, suggesting that the XRP price may be in the process of forming a downtrend after encountering substantial resistance around 56 cents, marked by a significant bearish engulfing pattern.
As one of the pioneering digital assets, XRP has garnered considerable attention from investors due to its inherent utility. Ripple, the driving force behind XRP, has made significant strides with its On-Demand Liquidity (ODL) feature, harnessing the power of XRP for seamless cross-border payments. Additionally, Ripple’s acquisition of prominent crypto firms, such as Metaco, serves as a testament to its commitment to fostering widespread adoption of XRP.