In December, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc and company executives for selling unregistered securities to US investors. As a result, XRP fell from a high of $ 0.6 to a low of $ 0.17.
After a slight recovery, the crypto asset is stuck in consolidation, now its upside potential is capped at $ 0.3. Currently XRP continues to struggle to keep the price above $ 0.25.
On the daily chart, we see the formation of a symmetrical triangle. It is known that this pattern leads either to a fall down or to an upward rise. The latter occurs when the price moves above the upper trendline, and when the price loses support at the lower trendline, a dive begins.
Symmetrical triangles have precise targets during breakouts in both directions, measured from the highest to the lowest point of the patterns. For example, if XRP confirms upward momentum when trading above the 200 SMA, then the price could rise 62% to $ 0.45. On the other hand, in the event of a collapse, a 62% decline would bring us to $ 0.087.
Daily XRP levels
Spot Rate: $ 0.252
Relative change: 0.0003
Percentage change: 0.13%
Trend: bullish
Volatility: low
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