- For the past two weeks, the price of XRP has been trading sideways.
- The digital asset has seen 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 during 2021. The SEC has sued Ripple alleging that it made illegal sales of XRP that they consider an equivalent to stocks. As long as the SEC does not make a final decision, the price of XRP could continue to trade sideways.
XRP price could 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 featured a red “8” candle that is generally followed by a buy signal.
XRP / USD Daily Chart
On the 4-hour chart, XRP has established a symmetrical triangle pattern that is about to break out. If the daily buy signal is confirmed, it increases the probability that the price of XRP will break the resistance level at $ 0.285.
XRP / USD 4-hour chart
A breakout above this crucial resistance level could quickly propel XRP price towards $ 0.34, and even up to $ 0.40 long term, as there is not much resistance on the way up.
XRP holder distribution chart
Unfortunately, in the last two weeks, the number of whales holding at least 10,000,000 XRP coins has decreased, indicating that the big holders are ditching XRP. Losing the support level of $ 0.27 would lower the price of XRP by 18%.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
