Many assets are appreciating sporadically due to the new market structure that facilitates higher price growth. XRP, which was recently appreciated after the battle with the US’s Security And Exchange Commission regarding unregistered tokens’ sales. While the firm executives would still face the court over SEC’s claim, it’s clear that the crypto was finally gaining back some of its value lost through the ongoing challenges.
The market bulls might be pushing the asset past the consolidation zone and move it towards higher highs as the move forms a formation above the channel’s boundaries. The new structure could signal the gaining of more profits and the start of a bull run.
Market bulls dominate the XRP market
The market bulls’ activities show that they are determined to bring in notable gains for the cryptocurrency. The new gains would help retailers who suffered significant losses from the past price drops and likely attract more investors into the digital asset space. The asset presently stays around the $0.5 mark, while indicators show that it would see some significant resistance around $0.68, $0.73, and $0.78.
The support level holds around $0.36, $0.31, and $0.26, showing that if the asset should take a hit from mark bears, the $0.36 holds the closest support. Interestingly, the bulls want to make their dominance clear as daily charts have a bullish outlook. The move would likely bring more highs for the digital asset.
It’s safe to note that the asset is moving through a positive phase as the crypto records higher trading volumes daily. The cryptocurrency has been making solid moves at a particular interval as daily highs are on the increase while nearing the $0.57 region, which stands as a significant resistance level. Some indicators show that if the asset could move toward the $0.60 range, that could instigate a price growth while preparing the asset for its resistance levels within $0.68 and $0.78.
Possible price situation for XRP
While an upward movement would mean more gains, a downward movement could drag the price down to its nearest support around the $0.40 range. The point holds strong support, which would prevent the bears from wrecking significant damage to the struggling asset.
A further price drop could mean that $0.38 would hold its closest support, and if that rejects, the price will decline. The bulls have to be committed against letting prices fall below dangerous points, which could take the asset back to a bearish market.
Fortunately, the asset’s chart indicates that the RSI (14) moves towards the upward level, meaning that the asset would gain with the current structure. The crypto still has a long way to go when compared to other digital assets because it had lost a lot during the heat of the legal battle.
Luckily, the currency is showing many promises, which encourages market bulls to forge ahead towards retaking some of the asset’s price marks. As Bitcoin continues to pave the way for other digital assets, even altcoins would likely have a successful season with their current performance.
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