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July 18, 2024
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XRP Price Heads Toward Crucial Resistance At $0.8 – Here’s What Could Be The Next Move

The post XRP Price Heads Toward Crucial Resistance At $0.8 – Here’s What Could Be The Next Move appeared first on Coinpedia Fintech News

After a partial victory against the SEC, XRP experienced a price boost, but concerns over a potential SEC appeal caused a swift drop. Now, the tide is shifting again. Judge Sarah Netburn recently directed Ripple Labs and the SEC to propose dates for a potential settlement conference. This development has rekindled optimism among investors, leading to a resurgence in XRP’s price. The future of XRP is now closely tied to the outcome of this legal dispute, making it a cryptocurrency to watch in the coming weeks.

XRP Experiences Increased Bullish Activity 

Bitrue recently reported a significant surge in the notional value of open interest for the XRP token, indicating a bullish sentiment among its users. The notional value of open interest, which represents the total value of outstanding contracts in a futures market, soared from under $200 million to over $800 million during a single weekend. 

This dramatic increase suggests a strong belief in XRP’s future performance. Remarkably, 88% of Bitrue users are maintaining a long position on XRP, further underscoring the positive outlook.

Additionally, Judge Sarah Netburn has asked Ripple Labs and the SEC to propose settlement conference dates, hinting at a resolution to their legal dispute. This decision has already boosted XRP’s price, and a settlement could further clarify XRP’s regulatory status and strengthen its market position.

The recent listings of XRP on major exchanges such as Coinbase and Binance US have ignited a bullish wave among investors. These listings have not only increased XRP’s accessibility but also built trust in the cryptocurrency, contributing to its positive market momentum. 

What’s Next For XRP Price?

Over the past few days, XRP’s price has lingered in a bearish zone as it struggled to maintain momentum near the $0.8 resistance level. Currently, XRP is trading within the support range of the 50% Fibonacci retracement level at $0.7 and the 61.8% level at $0.64. At the time of writing, XRP is trading at $0.757, marking a 2% increase in the last 24 hours.

Bulls are striving to trigger an upward trend as the price has bounced back from the EMA20 trend line support at $0.71. However, XRP could face substantial resistance at $0.79 and again at $0.83. If the price drops from this zone, it could remain range-bound for a few days.

On the other hand, if XRP manages to break above $0.83, it could propel the price toward $0.9, potentially triggering a new bullish trend that could see the price reach the much-anticipated $1 mark. Conversely, if the price falls below $0.67, it could signal a rush among bulls to sell, potentially pushing the price down to the 100-day EMA at $0.59.

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