Cryptocurrency

2024

Bitcoin

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 <p class="paragraph">XRP has undergone a sharp short-term price correction after trading within a consolidated zone for several months despite gaining partial legal clarity that deemed it not a security.</p> 
 <p class="paragraph">As the new week begins, XRP and the broader cryptocurrency market face critical moments, with all eyes on the anticipated spot Bitcoin (BTC) exchange-traded fund (ETF) approval. This event is closely monitored for its potential impact on the market.</p> 
 <p class="paragraph">In this line, crypto analyst <em>Cryptoinsightsuk</em>, in an X (formerly Twitter) post on January 7, highlighted the significance of this event and its potential influence on the trajectory of XRP. From his perspective, XRP is poised for a breakout, but investors need to monitor various developments closely.</p> 
 <p class="paragraph">The expert emphasized the importance of XRP holding a weekly close above $0.5636. This level is considered pivotal, with XRP having reacted to it multiple times over the past seven years, both as support and resistance.&nbsp;</p> 
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  <img decoding="async" width="680" height="367" src="https://cdn.thebittimes.com/images/2024/01/07/2cc57cff4618941b54e2c4c9f2c7ad90.webp" alt class="wp-image-147744" srcset="https://cdn.thebittimes.com/images/2024/01/07/2cc57cff4618941b54e2c4c9f2c7ad90.webp 680w, https://cdn.thebittimes.com/images/2024/01/07/2cc57cff4618941b54e2c4c9f2c7ad90.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
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   <em>XRP price analysis chart. Source: TradingView</em>
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 <p class="paragraph">The analyst pointed out that the current technical characteristics of XRP resemble those of previous bear markets.&nbsp;</p> 
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  <p class="paragraph">“XRP is displaying similar technical characteristics to 2021s bear market. Two tests of the $0.56 range as resistance, a breakthrough on the third test and then a consolidation. in 2021, the next phase was a breakout,” he said.&nbsp;</p> 
 </blockquote> 
 <p class="paragraph">He also observed a tight consolidation structure in XRP. From a technical standpoint, the rising consolidation is considered a more bullish structure than that seen in 2017.&nbsp;</p> 
 <blockquote class="wp-block-quote"> 
  <p class="paragraph">“I’m not suggesting we see a 60,000% move like we have previously (although history suggests this is a technical possibility). I am suggesting that a breakout with a $BTC ETF for $XRP could be more explosive than most imagine and that $XRP has 1 Bull Cycle to catch up to potentially,” he added.&nbsp;</p> 
 </blockquote> 
 <h2 class="wp-block-heading" id="h-impact-of-xrp-community-nbsp">Impact of XRP community&nbsp;</h2> 
 <p class="paragraph">The <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> also touched upon the sentiment within the XRP community, noting a sense of capitulation with emotions running high and individuals selling due to frustration with what some term a “Shitcoin that never moves.”&nbsp;</p> 
 <p class="paragraph"><em>Cryptoinsightuk</em> sees this emotional response as a potential contrarian indicator, suggesting that such extreme sentiment often precedes a market reversal. The analyst reminded traders that buying during times of fear rather than greed can be profitable.</p> 
 <p class="paragraph">Another significant aspect highlighted is the legal status of XRP in the United States. Despite the ongoing legal battle between Ripple and the Securities Exchnage Commission (SEC),&nbsp;</p> 
 <p class="paragraph">The expert pointed out that XRP is legally not considered a security in the US. This distinction, a cloud over XRP for almost three years, may have led to recent selling by holders looking to exit the asset at break-even or a slight loss of around $0.90.</p> 
 <p class="paragraph">As XRP targets a return to $1, the SEC case remains pivotal for the token’s value. Hopes for an early SEC-Ripple settlement have notably dwindled as both parties proceed with remedies-related discovery, scheduled to conclude by February 12, 2024.</p> 
 <h2 class="wp-block-heading" id="h-xrp-price-analysis">XRP price analysis</h2> 
 <p class="paragraph">By press time, XRP is trading at $0.57. Over the past seven days, the token has experienced a correction of nearly 10%.</p> 
 <figure class="wp-block-image aligncenter size-large">
  <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/07/30f4bf785698fc107c1ded47fb3de722.webp" alt class="wp-image-147742" srcset="https://cdn.thebittimes.com/images/2024/01/07/30f4bf785698fc107c1ded47fb3de722.webp 1024w, https://cdn.thebittimes.com/images/2024/01/07/30f4bf785698fc107c1ded47fb3de722.webp 300w, https://cdn.thebittimes.com/images/2024/01/07/30f4bf785698fc107c1ded47fb3de722.webp 768w, https://cdn.thebittimes.com/images/2024/01/07/30f4bf785698fc107c1ded47fb3de722.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>XRP seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">An <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of technical indicators suggests a prevailing bearish sentiment for XRP. A summary of the one-week gauges obtained from TradingView alludes to a ‘sell’ rating of 10. This sentiment is consistently mirrored in moving averages, with a rating of eight, and oscillators, which register a rating of two.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="200" src="https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp" alt class="wp-image-147743" srcset="https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp 1024w, https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp 300w, https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp 768w, https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp 1536w, https://cdn.thebittimes.com/images/2024/01/07/9b406d91ba1a482918fbcd70be530cd1.webp 1596w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <em>XRP technical analysis. Source: TradingView</em>
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 </figure> 
 <p class="paragraph">In the meantime, the focus is now on XRP reclaiming the $0.60 spot as it targets the wider goal of hitting $1.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
 <p class="paragraph"> </p>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/plan-to-trade-xrp-here-s-what-you-should-now-tbt75826.html">https://thebittimes.com/plan-to-trade-xrp-here-s-what-you-should-now-tbt75826.html</a></p>

Plan to trade XRP? Here’s what you should now

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