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XRP tests ‘untapped resistance’ as breakout looms

XRP tests ‘untapped resistance’ as breakout looms

Despite the larger part of the cryptocurrency sector starting to slow down the gains from earlier this week, XRP is still trading in the green, recording positive results on all of its charts, and technical indicators suggest a more significant upward move.

Specifically, XRP has already completed two daily closes above its key resistance at $0.5391 and is currently making a go at untapped resistance at $0.646, trying to reach the breakout target, as observed by a pseudonymous cryptocurrency market analyst CoinsKid in an X post published on October 25.

XRP price action technical analysis. Source: CoinsKid

As a reminder, the XRP token earlier received a strong push from the positive sentiment triggered by the United States Securities and Exchange Commission (SEC) withdrawing from its lawsuit against the top executives at the blockchain company Ripple.

Shortly after, a US District Court Judge signed an order officially dismissing the charges against both Brad Garlinghouse and Chris Larsen, marking a significant milestone in Ripple’s legal standoff against the SEC over allegations concerning the sale of XRP, which the regulator argued constituted securities sales.

XRP price analysis

At press time, XRP was changing hands at the price of $0.5459, recording an increase of 0.12% on the day, adding up to the 11.6% gain across the previous week and the advance of 10.11% over the past month, according to the most recent charts on October 25.

XRP 7-day price chart. Source: Finbold

Meanwhile, several finance experts, including The Investors Centre co-founder Dom Farnell, Crediful CFO Gillian Dewar, and ReallyNeedCash founder Laurens Yarpei, have shared their predictions for the price of XRP at the start of 2024, which range from cautious $0.5 – $0.6 area to the optimistic $1.5 – $2, as Finbold reported earlier.

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