Much like the rest of the cryptocurrency market, XRP has been going through stagnation in terms of its price, consolidating the gains it received after a partial victory in the legal standoff between Ripple and the United States Securities and Exchange Commission (SEC) that is yet to see its conclusion.
Indeed, the heavy impulse following the news led XRP to the same levels as 470 days before (May 2022) and allowed holders to sell their bags, but the lack of interest in the markets has made investors conservative, according to the observations by crypto trading analyst Michaël van de Poppe shared on August 15.
Specifically, van de Poppe argues that this is the reason behind relatively significant corrections in comparison to the shallow corrections in bull cycles, and they represent the moment to “investigate higher timeframes and scan for those ‘obvious’ opportunities,” which are “in line with the period where investors start to lose faith again.”
Furthermore, he believes that the area at around $0.55 represents a retest on a weekly timeframe for the XRP token and could serve as a basis for a possible “new impulse move,” as well as the price level at which to take entries for the coming cycle.
XRP price analysis
As things stand, the current price of XRP is $0.626, indicating a 0.15% decline in the last 24 hours, a 0.8% gain across the previous seven days, as well as a decrease of 16.57% over the past month, as the most recent charts demonstrate.
Meanwhile, XRP has recently been demonstrating chart patterns last seen five years ago, when the crypto asset reclaimed the 20-period and 50-period simple moving average (SMA) and made “the biggest bull run in XRP history,” as Finbold reported on August 14.
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