Cryptocurrency asset XRP has been caught in a symmetrical triangle. This triangle has formed after a massive rally of XRP, during which it surged to a ten-month high of $0.58. With the bulls and bears contending to determine its next direction, bullish and bearish reports have circulated in the crypto market. Market analyst JD has recently suggested that investors should ignore these reports and focus on the technical analysis of the XRP chart. He believes XRP is on the verge of a big breakout.

Another analyst Egrag also predicted a breakout for XRP, only if it recaptures the $0.58 price level. He further emphasized that this breakout shall depend on XRP turning its resistance into support. This implies that XRP must now concentrate on breaking the crucial resistance at $0.5436 before attempting a recapture.

The recent congressional hearing in the Ripple vs. SEC case has brought in some positive vibes to the crypto market. Although the SEC Chair Gary Gensler didn’t label XRP as a security, the market believes that the positive outcome of this hearing could be instrumental in deciding the asset’s fate. XRP is currently trading for $0.5204, up 0.72% in the past 24 hours and aiming to reach the $0.55 price.

Analysts have underlined the significance of the present symmetrical triangle, pointing out that the breakout shall depend on the prior trend of the asset. However, these are mere analyses of the asset’s price and should not be taken as investment advice. In any case, it is essential to follow the guidelines of safe investing and not get carried away by the market sentiments.



Other News from Today