Amid the gains, analysts emphasize that despite the token’s current uptrend, a reset is deemed necessary before further upward movement. Particularly, in a TradingView post on November 11, crypto analyst ProSignalsFx highlighted that XRP is trading in an uptrend along a rising support line, fostering anticipation for continuing the bullish trend.
However, the condition for this upward trajectory is contingent on a critical factor – the retest of the support level at $0.67. The analysis suggests that XRP’s current uptrend is supported by a rising trendline, indicating a positive market sentiment.
This trendline, serving as a crucial support, has been a key determinant for the overall bullish outlook on XRP.
“Ripple is trading in an uptrend along the rising support line, and after the retest of the said support, we will be expecting a further move up,” he said.
XRP’s next breakout and SEC influence
Indeed, XRP has been influenced by bullish sentiment, and analysts are exploring potential timelines for a breakout. As reported by Finbold, crypto analyst Cryptoinsightuk highlighted the importance of considering XRP’s historical lag behind Bitcoin (BTC) price action to determine its next move.
The analyst identified a clear pattern indicating that XRP breakouts tend to align gradually with the movements of Bitcoin. Drawing from this correlation, he suggested the potential for an XRP breakout on November 15.
Meanwhile, discussions surrounding the valuation of XRP persist amid ongoing developments in the Ripple and Securities Exchange Commission (SEC) case. Following a court victory against the SEC, Ripple and the regulatory body have agreed to a 90-day schedule for settlement discussions. This decision follows Judge Analisa Torres’ ruling that retail XRP sales were not classified as securities sales.
Ripple has accepted the SEC’s proposed timeline for remedies-related discovery, which is limited to the period preceding the lawsuit. The SEC proposes a 90-day window for remedies-related discovery, starting from the court’s scheduling order, with the aim of presenting post-complaint evidence for injunctive and monetary claims. Ripple can oppose this proposal and, if allowed, would need court permission to extend the discovery deadline.
XRP price analysis
Turning to XRP’s price analysis, its value has largely consolidated over the last 24 hours, trading at $0.67 as of press time. In the past week, XRP has gained almost 3%.
In terms of technical analysis, bullish sentiments dominate XRP. One-day indicators from TradingView suggest a ‘strong buy’ sentiment at 16, with moving averages signaling a ‘strong buy’ at 14. Oscillators are indicating a ‘buy’ at 2.
Overall, XRP’s prospects are also largely hinged on the trajectory of the general crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.