2024

when

<ul> 
 <li>BingX advisors advise waiting for a confirmed breakout in XRP before considering any upward moves.</li> 
 <li>Ripple’s legal victory confirms XRP’s non-security status, but a potential SEC appeal remains a concern for investors.</li> 
</ul> 
The performance of the XRP price has drawn attention, particularly from BingX advisor Nebraskangooner. He emphasized the importance of waiting for a clear confirmation of the pattern he has presented before making any substantial moves. 
<h2 id="strong-patience-is-advised-as-xrp-awaits-key-breakout-signal-strong">Patience is Advised as XRP Awaits Key Breakout Signal&nbsp;</h2> 
In a tweet, he <a href="https://twitter.com/Nebraskangooner/status/1825928513351745844">noted</a> that XRP has been assaulting the upper channel resistance but has yet to break. It’s best to wait for a break before considering an upside move. 
This cautious approach is due to the fact that the analysis is based on a weekly chart, which indicates that any break from the channel could indicate a long-term trend that should be actively observed. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> (per request) 
 Assaulting this upper channel resistance but still no success at breaking. 
 Best to wait for a break before entertaining an upside move. <a href="https://t.co/UlcX9ncTWl">pic.twitter.com/UlcX9ncTWl</a> 
 — Nebraskangooner (@Nebraskangooner) <a href="https://twitter.com/Nebraskangooner/status/1825928513351745844?ref_src=twsrc%5Etfw">August 20, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
As long as the price remains in this pattern, the movement will most likely be limited to a consolidation phase, with prices bouncing between the channel’s high and low levels. This finding shows that traders should be patient and wait for a clear move before making any decisions. 
At the time of writing, <a style="color: #008000;" href="https://www.crypto-news-flash.com/xrp-eyes-massive-30000-surge-can-its-cap-hit-9-66-trillion/">XRP</a> is trading at $0.5955, down 2.03% over the last 24 hours, with a daily trading volume of $1.115 billion. These data show a slight decline, but overall market sentiment remains cautious. 
<div class="cryptoboxes" id="mcw-345586" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="xrp" data-symbol="XRP" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>Additionally, our recent <a style="color: #008000;" href="https://www.crypto-news-flash.com/why-is-a-whale-sending-33-million-xrp-to-binance-today/">reports</a> have highlighted a huge whale transaction, in which 33 million XRP were transferred from an unknown wallet to the Binance exchange. This big move suggests a probable liquidation, complicating the existing market dynamics for XRP. 
Such large-scale migrations frequently influence price patterns, particularly when the transferred assets are sold on the open market. 
On the other hand, as previously <a style="color: #008000;" href="https://www.crypto-news-flash.com/could-xrp-be-worth-125-influencer-shares-bold-predictions/">reported</a> by CNF, an influencer has stated that XRP might reach $125 per token by factoring in the volume of the OTC Forex market when calculating its worth. 
This prediction, while bold, adds a speculative element to XRP’s future, particularly as market participants consider the legal and financial consequences of such significant growth. 
Furthermore, Ripple’s court victory has entrenched XRP’s non-security classification, notwithstanding the prospect of an SEC appeal. 
This legal certainty has given XRP a huge boost, reassuring investors and stakeholders about its regulatory status. However, the lurking danger of an appeal continues to cast doubt on its potential price trajectory.

BingX Advisor: Why XRP Traders Should Wait for a Weekly Breakout

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