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Ripple: new price fantasy – when will the $10 mark fall?



Investing.com – Last week saw a bonanza of stock market fireworks that sent the price soaring above $0.5500.

It was the latest developments in the US Securities and Exchange Commission (SEC) lawsuit against Ripple that raised investor optimism about the outcome of the lawsuit in favor of Ripple.

This was accompanied by new fantasies about the course of the cryptocurrency, which is expected to exceed ten dollars.

One of these predictions comes from Twitter user (NYSE:) Egrag Crypto and is based on a multi-year chart going back to the year 2014. If XRP manages to sustainably overcome the descending trendline 2, then it can test the ascending trend line 3. This bullish move may take the cryptocurrency all the way to the $1.40 area before a correction is expected.

The deployment of a new rally would then target the 6.30 dollars, before the price again encounters resistance. In the longer term, prices above ten dollars would then be possible.

Currently, no one really wants to believe it, because for the XRP community it would already be a resounding success if there was not a new comeback under the psychological mark of $0.40.

Ripple Technical Price Markers

The rally saw Ripple encounter resistance at a price of $0.5569 and with the overbought conditions on the RSI, a correction followed.

The support at the 23.6% Fibo retracement at $0.4994 gave way and since then bulls have failed to reach another daily close above this level.Ripple

The 38.2 percent Fibo retracement is intact in terms of the daily close and thus the $0.4639 level is an immediate support. If the bears take over and sustainably regain the mentioned level, losses should be expected towards the 50 percent Fibo retracement of $0.4352.

Only if the bulls manage to sustainably break the 23.6 percent Fibo retracement should we expect a test of the $0.5569 high.

By Marco Oehrl



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