Will XRP Finally Break the $0.60 Barrier? Here’s What to Expect

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XRP has been trading in a symmetrical triangle for over a month, unable to cross the $0.60 price range barrier. Analysts note that XRP is currently 85.12% down from its all-time high of $3.84, and it has been 7 years since the cryptocurrency has come close to reaching its ATH.

The SEC’s ongoing lawsuit against Ripple remains the major reason for XRP’s struggle. Although the SEC has acknowledged that crypto itself is not a security, it might take longer for XRP to claim victory.

Historical Resistance at $0.60

The $0.60 price range has been a tough zone for XRP since 2018. It has acted as both strong support and resistance numerous times, and the same pattern is repeating now. On September 15, XRP’s price was about to penetrate the $0.60 price range but got rejected due to the presence of the symmetrical triangle border and the price zone resistance at the same point.

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As of September 16, 2024, XRP is trading at $0.57235, which is 2.66% lower than the previous day’s price. The trading volume in the last 24 hours has also witnessed a fall of 22.51%.

Market Sentiment and Technical Indicators

This price drop caused liquidations exceeding $2 million in both longs and shorts. The liquidation event spread panic in the market. However, XRP’s RSI remains strong, staying above 50, suggesting bulls haven’t entirely lost control. Additionally, the crossover between the MA 100 and 200 indicates potential momentum for XRP. Symmetrical triangles typically break only when the price moves outside the pattern’s borders, which XRP is nearing.

External Factors Influencing XRP’s Price

Another reason why XRP could not break through the $0.60 mark is the assassination attempt on a Presidential candidate that happened on September 15. Traders view Trump as a leader who might bring comforting regulations to the crypto space if he wins, and his actions and talks have already started to greatly impact the crypto market.

Despite the setback, the market is recovering as authorities arrested the suspect. Trump’s unharmed status has reassured many investors. Given XRP’s strong RSI and the golden crossover between moving averages, a surge toward $1 may happen soon.