Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ripple-faces-critical-price-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Faces Critical Price Levels</a><br></p>
<p style="text-align: justify">Ripple (<a href="https://en.bitcoinhaber.net/ripples-xrp-a-surge-in-value-amidst-market-recovery-and-ipo-speculations" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>) has encountered a significant price decline, primarily linked to Bitcoin’s (BTC) sharp drop earlier this week. XRP’s price action has formed a notable technical pattern, breaking downward from a symmetrical triangle on June 7. This pattern suggests a bearish <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> sentiment, and XRP is now trading below key moving averages, facing a crucial resistance level.</p>
<h2 id="key-support-and-resistance-levels">Key Support and Resistance Levels</h2>
<p style="text-align: justify">The price of XRP recently found support at the $0.45 level but has since retested the lower trend line of the symmetrical triangle, moving further downward. Currently trading below the 50-day and 200-day simple moving averages (SMA), XRP faces resistance at the $0.5 mark. The token is at a critical juncture, with the chart indicating a possible double bottom formation, yet other market structures hint at further downside risk.</p>
<h2 id="potential-price-movements">Potential Price Movements</h2>
<p style="text-align: justify">If XRP forms a double bottom, it could see a 14% rally, pushing the price to $0.54. Conversely, if it breaks current support, the price might drop to $0.42 before rebounding. The monthly chart suggests an extremely bullish scenario, with the potential for XRP to rise to $700, contingent largely on the outcome of Ripple’s ongoing legal battle with the SEC.</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<p style="text-align: justify">Key takeaways for market participants:</p>
<ul>
 <li>Watch for a double bottom formation as it could signal a 14% rally to $0.54.</li>
 <li>Be cautious if support at $0.45 breaks, indicating a possible fall to $0.42.</li>
 <li>Monitor Ripple’s SEC case outcome, which could significantly influence XRP’s long-term price.</li>
</ul>
<p style="text-align: justify">Bitcoin also faced a sharp decline below $60,000 earlier this week, causing market panic. However, bulls quickly regained control, pushing BTC back above this critical support level. Despite this recovery, BTC remains below its 50-day SMA, with the relative strength index (RSI) just above oversold territory. The 200-day SMA continues to provide strong support at the $60,000 mark.</p>
<p style="text-align: justify">Ripple and the SEC have until July 8 to <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">review</a> their motion to seal documents, potentially setting the stage for a significant settlement process. Technical analysis expert MekaMark predicts a substantial increase for XRP, estimating a 100X to 300X value rise over the next 24 months. If Ripple prevails in its case against the SEC, XRP could reach a price range of $30-32.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ripple-faces-critical-price-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Faces Critical Price Levels</a></h5>

Ripple Faces Critical Price Levels

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