Lorenzo Stroe
Independent Analyst
- For the past two weeks, XRP price has been trading sideways.
- The digital asset has experienced a significant loss in trading volume after the SEC decided to sue Ripple.
After losing more than 60% of its value in December 2020, XRP has been trading sideways without much action throughout 2021. The SEC has sued Ripple alleging that it conducted illegal sales of XRP which they consider a security. As long as the SEC doesn’t call a final decision, XRP price could remain trading sideways.
XRP price might have some hope of a breakout
Although most of the recent price action for XRP has been flat, on the daily chart, the TD Sequential indicator has presented a red ‘8’ candlestick which is usually followed by a buy signal.
XRP/USD daily chart
On the 4-hour chart, XRP has established a symmetrical triangle pattern which is on the verge of breaking out. If the daily buy signal gets confirmed, the likelihood of XRP price cracking the resistance level at $0.285 increases.
XRP/USD 4-hour chart
A breakout above this crucial resistance level could quickly push XRP price towards $0.34 but even as high as $0.40 in the longer-term as there is not a lot of resistance on the way up.
%20[20.38.21,%2018%20Jan,%202021]-637465958089601037.png)
XRP Holders Distribution chart
Unfortunately, in the past two weeks, the number of whales holding at least 10,000,000 XRP coins has decreased by 10 which indicates large holders are getting rid of XRP. Losing the $0.27 support level would send XRP price down by 18%.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.