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Cryptocurrency News Articles
XRP Price Surges Above $0.6, While the Crypto Markets Face Significant Upward Pressure
Sep 28, 2024 at 06:55 pm
While multiple events are lined up in the coming week, the price of XRP is believed to surge while keeping up the bearish speculations alive
The XRP price surged above the crucial resistance after a prolonged consolidation, while the crypto markets showcased immense bullish pressure
Several upcoming events in the coming week could Drive the XRP Price up, Countering the Bearish Speculations
The crypto markets are consolidating after a strong bullish rally that drove the Bitcoin price to new highs above $66,000. As BTC consolidates around $65,500, the XRP price is attempting to break out of a crucial resistance after multiple attempts failed to propel the token price any further. However, the price failed to breach above the descending resistance from the highs, which could instill bearish pressure.
The XRP price has been consolidating below $0.6 ever since the price rebounded from the lows around $0.52 during the first fortnight of the month. However, the token price showcased a strong rise from the crucial resistance zone between $0.5933 and $0.5975 and once again tested the interim target at $0.6106. While the bears seem to be active around these levels, the price fails to breach above the descending resistance from the highs.
The supertrend indicator flashed a bullish signal for the first time this month as the price attempts to break out of the range Finally, the +Di indicator triggered a rebound before undergoing a bearish crossover against -Di, suggesting the bulls have reclaimed their dominance after a brief period of consolidation. However, the volume remains consolidated within a range, indicating the volume is heading towards extreme compression.
Moreover, the upcoming weeks could be highly bullish as several upcoming events are lined up. Firstly, Grayscale’s XRP Trust is now live, while an XRP ETF also seems to be a ‘real possibility.’ Besides, the deadline for an appeal is also fast approaching in the Ripple vs SEC lawsuit, which may offer a strong boost to the stagnant XRP price. These could be the possible reasons to be bullish on XRP, while the possibility of a pullback could also make some room.
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