XRP (XRP) Price Analysis: Bulls Eye a 50% Rally as XRP/BTC Pair Flirts with Historical Support
- DDDOriginal
- 2024-11-02 18:06:351069browse
XRP price has not moved despite the ongoing legal battles and developments. Meanwhile, 21Shares has submitted an application to the SEC for a Ripple ETF.
Bitcoin price has fallen below the key level of $70,000, showing a decline of 1.5% in the past 24 hours. After correcting sharply from $73,500, BTC’s price is now hovering around $70,000.
However, this rapid decline has put analysts on high alert, as they anticipate potential bearish signals. The key support for Bitcoin is seen at $68,500, and a break below this level could lead to further losses.
Meanwhile, Ethereum price also encountered a slight decline, currently trading at $2,500, showing a decrease of 0.5% in the past 24 hours. XRP's price is also down by 1%, currently trading at $0.51.
The total cryptocurrency market capitalization stands at $2.34 trillion, showing a slight decrease from yesterday's levels.
In other news, the ongoing SEC vs. Ripple case continues to unfold, with a recent development potentially signaling a shift in momentum. The court has set a deadline for the SEC’s principal brief, which some speculate could highlight vulnerabilities in the SEC's arguments.
Despite the ongoing legal battles and developments, the price of XRP has not shown any significant response to these events.
Additionally, 21Shares has submitted an application to the SEC for a Ripple ETF, and this news has also had a minimal impact on XRP’s price, with bullish sentiment remaining muted.
The Crypto Fear and Greed Index shows a reading of 75, indicating greed among investors. While this could signal a potential pullback, it's essential to focus on the longer-term outlook for XRP.
The Altcoin Season Index is currently at 29, suggesting that we're still in a Bitcoin-dominated market. However, history shows that it's best to invest in altcoins like XRP when Bitcoin dominance begins to wane.
Currently, XRP is trading within a descending channel that has been in place since 2021. After reaching a high of $2 in April 2021, XRP has been consolidating, and the descending channel is a technical formation that could indicate a downtrend.
However, XRP has faced repeated tests at the downward resistance line of this channel, which could be weakening the resistance. This raises the likelihood of a breakout on the next attempt, especially if there's strong buying pressure behind XRP.
Looking ahead, analysts stress that XRP must hold above $0.75 to target higher prices, potentially reaching $1.10 or even $3.50, depending on market conditions.
Conclusion: Should You Buy XRP?
XRP is currently at a historically significant support level against Bitcoin. Previous instances of being at this support level have led to major bull runs for XRP. Despite current bearish sentiment, this could be an excellent time to hold or invest in XRP.
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