Ripple (XRP) recently achieved a crucial legal victory: the SEC ended their lawsuit with Ripple and with that, after years of struggle, the uncertainty finally came to an end. Many thought this would be the starting signal of the resumption of the XRP Bullrun.
But nothing could be further from the truth. XRP actually continues to struggle and has difficulty finding up momentum. What is needed for a new price increase?
Positive news, but no price increase
After years of legal struggle, clarity finally came in the case against the SEC. Yet XRP did not succeed in translating the wins to the race. Currently the price fluctuates slightly above the level of $ 2.20. This is well below the peak of $ 3.40 that was reached in January. At the time, XRP seemed close to breaking his all-time high from 2018, but that breakthrough was not forthcoming.
In recent weeks, even more positive news has brought rumors about an XRP spot ETF, plans for an IPO of Ripple, and increasing political support, especially from the Donald Trump camp. For example, the former president hinted that XRP might have a role in the strategic crypto reserve of the US. Why doesn’t the course rise?
Crucial levels: $ 3 and $ 2
According to analyst Ali Martinez, the problem is partly in the technical picture. XRP is currently in a ‘Head-And-Shoulders’ pattern. If it wants to invalidate this bearish formation, the price must break up above $ 3. This level acts as psychological and technical resistance, and a breakthrough could open the gate towards higher regions. At the bottom, $ 2 is now an important support. If XRP drops below, there is a further fall in the direction of lurking.
In addition to technical barriers, there is also a reduced interest from large investors. Where so -called ‘Whales’ previously actively entered, such as after the American elections, they are now keeping themselves remarkably silent. The trade volume has also fallen, which indicates restraint within the market.
One reason for this is the general uncertainty on the cryptomarket. Inflation, interest any liability and geopolitical tensions ensure that many investors stay on their hands.
The picture is therefore clear: XRP has clear support and resistance levels: $ 2 must keep, $ 3 must be broken. Only when this last limit is exceeded does a new Bull Run seem possible. Until then, caution remains required.
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Source: https://newsbit.nl/xrp-bullrun-op-pauze-alleen-dit-kan-een-nieuwe-rally-ontgrendelen/
