- XRP price remains grounded at the $2.80 territory.
- A technical analyst says the token’s value must close above $2.90 to maintain a bullish outlook.
- Meanwhile, Ripple admitted that the active participation of the XRP Army community in its case against the SEC significantly helped its legal defense.
Earlier this week, several analysts confirmed that the price of XRP is gradually building up momentum for a bull rush beyond its all-time high of $3.84 eight years ago. Their technical readings suggest that a $4.44 or $5 peak could be on the horizon.
Fast-forward to Thursday, the value of XRP has remained grounded between a $2.81 low and $2.87 high in the last 24 hours. Trading volume also dropped by double-digits by over 20% by noon (UTC).
Indecisiveness in XRP Price Pattern Raises Concerns
The pseudonymous Egrag Crypto, a popular analyst, recently began questioning the unusual candlestick patterns of the XRP chart. He admitted that their inconsistency in daily to three-day closures above $2.85 is making him feel uneasy.
Regardless, the technical analyst has maintained his conviction that the XRP price must not close below $2.85 within the timeframes he mentioned. Any dip under that point could spell deeper corrections. This aligns with the projection of Ali Martinez, another technical analyst, that the digital asset is in danger of touching $2.35 if it fails to defend the $2.74 support level.
Additionally, Egrag stated that a $2.90 close is crucial. Meanwhile, a high trading volume at a close between the $3.077 and $3.33 zone is a critical area that could prod the bulls.
One commenter on the analyst’s post suggested the incoming blood moon on the lunar cycle this weekend could result in a red candlestick pattern in XRP, which could drive its price down temporarily to $2.40 or $2.20. In this case, Egrag believes investors and traders will likely capitalize on the dip to accumulate the token, potentially turning the tide upwards between the coming Sunday and Monday.
Despite the expected turbulence in XRP, its price trend still cruises within Egrag’s long-term forecasts. The token’s value broke out from an ascending triangle formation from its corrective phase past the January 2018 record-high, fueling his optimism for its potential uptrend above $4 before year-end.
Ripple’s Legal Team Acknowledges XRP Army’s Active Involvement in SEC Case
Speaking of XRP, most XRP Army members are obviously loudmouths in anything related to their favorite crypto asset. Some may find it pretty annoying as they sometimes tend to get overzealous in promoting their favored token, bashing other cryptos along the way, and with some even ostracizing Bitcoin (BTC) maxis.
On the bright side, Ripple admitted they gained valuable insights from this group of like-minded people who are into XRP. Crypto lawyer John Deaton, an amicus in the US Securities and Exchange Commission’s (SEC) case against Ripple, acknowledged them for their invaluable input in researching and debating the lawsuit’s merits and bringing out things that helped the defense’s arguments.
Deaton said the XRP Army’s passion saved him and the Ripple team precious time. Furthermore, their direct participation through submissions of their affidavit significantly aided District Court Judge Analisa Torres in establishing her ruling that XRP is not a security.
What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
