Ripple Is Reclaiming Its Advantageous Price Zone, $0.67 Will Be The Next Obstacle

Key Points:

• XRP’s hype fades after initial success post-Ripple’s victory, with lingering SEC impact.
• Gemini’s support and court ruling buoy XRP, despite the recent market loss.
• XRP faces resistance at $0.67 after rebounding from the 61.8% Fibonacci level, indicating a potential bullish trend.

The fervor surrounding XRP has noticeably subsided since Ripple’s initial victory last month. Despite this, bullish investors eagerly await an opportunity to rejoin the fray.

Notably, the SEC’s actions have cast a shadow over XRP’s value. The cryptocurrency experienced a significant drop when the SEC charged Ripple and two executives with violating securities laws.

Coinbase’s announcement of XRP delisting sent the coin plummeting by over 30% to $0.20. However, more than two years after the SEC lawsuit was introduced, XRP made substantial gains alongside other digital assets.

Ripple’s XRP token embarked on a tumultuous journey in recent years, lingering around the $0.40 range during the SEC legal battle. Following Ripple’s exoneration, the XRP token doubled in value, soaring to $0.94 in mid-2023.

In a recent move, Gemini, a cryptocurrency exchange, declared its support for Ripple. Users can deposit, though not custody, XRP on the platform. This development carries significance as XRP maintains a favorable stance.

This development follows a ruling by United States District Court Judge Analisa Torres, stating that XRP isn’t a security when sold on exchanges.

The XRP price has rebounded from the 61.8% Fibonacci level, signaling a potential bull run if market conditions align favorably. The immediate obstacle for XRP is the $0.67 resistance area, corresponding to the 50% Fibonacci level.

While optimism swelled for XRP’s performance this year, the token later faced a 20% loss due to prevailing market conditions. The overall market trend shifted downward, further suppressing XRP’s price. Ripple encountered a nearly $2 billion loss within a day. While it’s currently recovering, its momentum is dwindling. Experts anticipate XRP hitting bottom at $0.45.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.