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Breakout signal: This is the crucial XRP price level to watch

Breakout signal: This is the crucial XRP price level to watch

Despite the recent inability to make significant price movements, XRP maintains its position among the popular cryptocurrencies, drawing interest from investors. Much of this interest arises from the ongoing Ripple and Securities Exchange Commission (SEC) case, which has reached a critical stage.

Indeed, XRP has been consolidating below the $0.65 mark, and cryptocurrency analyst Egrag Crypto has provided insights on what investors should watch for.

In an X (formerly Twitter) post on March 30, the analyst highlighted that, given the current trend, XRP investors should prioritize accumulation while remaining vigilant for notable levels that could indicate a potential breakout.

The analyst emphasized the importance of monitoring XRP’s performance concerning Fibonacci retracement levels, specifically pinpointing the Fib 0.5 level at $0.75. This value represents an increase of about 20% from XRP’s price at the time of publication. 

According to Egrag Crypto, until XRP manages to close above this level in the weekly timeframe, the market is likely undergoing an accumulation phase, suggesting that other price fluctuations may be considered insignificant noise.

Next XRP roadmap 

The analysis also provided a roadmap for XRP, indicating that the next critical zones to observe are the Fib 0.618 and Fib 0.702 levels, which would see the asset trade around the crucial $1 zone. 

“Next Critical Zone: Fib 0.618 (0.94c) and Fib 0.702 (1.10c), Until then keep on stacking,” he noted. 

Notably, if this estimation proves accurate, it would mark a welcomed trajectory for investors, especially given the token’s disappointing performance in failing to breach the $1 mark.

Impact of SEC case 

However, the ongoing lawsuit between Ripple and the SEC casts a long shadow over XRP’s prospects. The lawsuit alleges that XRP is an unregistered security, a classification that could impede broader adoption if the SEC prevails. A favorable resolution for Ripple in this legal battle would significantly boost XRP’s price.

There are discussions of both parties potentially settling, particularly after the initial court ruling favored XRP by declaring it not to be a security.

As of press time, XRP is trading at $0.62, experiencing a marginal drop of less than 1% over the past 24 hours. The weekly chart shows XRP’s consolidation pattern, with only a 0.30% decrease over seven days.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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