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$XRP is experiencing a period of consolidation, and analysts say the price is likely to break out. Technical analysis shows that #XRP ’s price could carry the dollar in the short term at 6 levels.
#Ripple (XRP) is currently forming a symmetrical triangle formation, where its price is squeezed between two converging trend lines. This indicates the amount of momentum, and according to many analysts, the XRP price could make a significant rise if this formation is broken. DefendDark, a well-known analyst, suggests that the symmetrical triangle pattern could carry XRP in 6 directions in a short time.
Technical analysis: Targets are becoming clear
XRP’s price movements continue as it approaches the triangle progression. Such formations usually herald a major move, and this move can occur either upwards or downwards. Fibonacci retracement analysis identifies critical levels for XRP: $2.04 stands out as the support level, while $2.20 is a significant resistance level. If XRP breaks $2.20, it will confirm the bullish trend and the price could rise between $5 and $8 in the medium term. These targets are one of the predictions made by DefendDark.
The Elliott Wave theory is also the carrier of this optimism. This theory allows price movements to progress in five waves. The first five waves show the increasing optimism of the rise, while the three waves indicate periods of recovery, profit-taking and pessimism. These waves are driven by the psychology of the investor and can be seen in different time frames. XRP’s current price movements seem to reflect increasing optimism.
Regulations: How Will the Crypto Hearing on April 9 Affect XRP?
On the other hand, the crypto hearing to be held in the US House of Representatives on April 9 could have significant effects on XRP and other digital assets. Titled “American Innovation and the Future of Digital Assets: Adapting U.S. Securities Law for the Digital Age,” the hearing could be a step toward the flow of a new regulatory landscape for digital assets. These developments could increase interest in cryptocurrencies with markets that are aligned with the U.S. government, such as XRP.
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