XRP has been under high selling pressure as Bitcoin lost the $95,000 support line on Tuesday. The Ripple token has fallen more than 9% in the past day. Price action affirmed that XRP surged to a peak of $1.63 in November, it retested the channel’s upper trendline. 21.
XRP trades at $1.36 above the support level of $1.33. The price may fall to this level of support should bearish sentiment worsen. The altcoin might drop to $1.15 if buying pressure at that level continues to decline. However, this pessimistic view will be refuted if market sentiment changes from negative to positive.
If this occurs, the altcoin will try to surpass its year-to-date high of $1.63. With XRP, DOGE, and ADA sharply declining from the higher valuation, several of the high-flying altcoins on Tuesday have also reversed their course. This significant volatility has hurt over-leveraged traders.. Liquidated positions have a combined value of nearly $500 million.
SEC accused Ripple of raising $1.33 billion through an unregistered securities offering through XRP sales, the company has been embroiled in a legal battle with the agency. Over the years, Ripple achieved some success showing that XRP is not a security.
The XRP community was enthused by Alderoty’s post, which many saw as a good thing for the future. He thanked the devoted “XRP Army” for their steadfast support, writing, “We kept the door open long enough for the industry to survive and seize this incredible moment.”.
Traders might interpret this as a sell signal to lock in profits, which could cause the price to decline or consolidate sideways. The price of XRP has been consolidating sideways within a triangle-shaped range Similar to a bull pennant. When the price breaks above the upper trendline and rises by the height of the previous uptrend, a bull pennant, a bullish continuation pattern, resolves.
