- XRP is consolidating in a symmetric triangle on the daily price charts, with $0.6873 being cited as the critical price level to watch out for in the run-up.
- XRP has also been caught up in another triangular trading pattern since November in which the $0.6 level has provided consistent support.
XRP has proven its resilience in 2023, overcoming the legal woes Ripple has faced at the hands of the SEC to close the year with over 80% gains. It has held above the $0.6 level for the past month, dipping below it slightly on two occasions. A look at its price chart since 2021 shows that the token has been trading inside a symmetric triangle that’s set to converge in 2024, and a breakout from this pattern could set the crypto up for a price surge that could see it hit new all-time highs.
At press time, XRP is trading at $0.6232, shedding a paltry 0.78% in the past day. Its trading volume has taken a beating, dipping 25% to just over a billion dollars, as Binance led the trading charts at $187 million. With a $33.7 billion market cap, it has cemented its ranking at position 6 on the charts.
As one analyst points out, XRP has been trading in a multi-year symetric triangle that started back in early 2021. This pattern has proven tough to break from and it’s set to converge in the coming year. Once this formation fills up, XRP will break out, and its price at the time of the breakout will determine which way it shoots.
To break free of the upper boundary of this formation, XRP needs consistent buying pressure to push it towards the resistance level between $0.6544 and $0.7195. The analyst points out that for XRP to break free of the pattern, it needs a daily close above its midline of $0.6873.
For the market to turn bullish, XRP needs to hit $0.7333, which could push the crypto into the supply zone between $0.7651 and $0.8234. In this zone, it would need a daily close above $0.7954 to maintain this price trajectory.
On the flipside, a bearish cycle could push the crypto to close below $0.5773 support level, setting it up to test the $0.4615 support floor.
As can be seen on the graph below, the token has been trapped in another triangular price pattern since November in which the $0.6 level has provided strong support.
As Gary Gensler Faces Ouster, XRP is the Big Winner
XRP’s price has been inexplicably tied to the SEC ever since former chairman Jay Clayton filed a lawsuit against Ripple for securities violations years ago. His predecessor has taken over with the same fervor and has continued to pursue the California company. However, the tides are changing and the Gensler is losing the support he once enjoyed in his “kill crypto” campaign.
Now, even legislators are turning against Gensler and calling for his ouster. The witch hunt is led by Republican lawmakers in Congress, with the latest to call for Gensler’s firing being Tom Emmer, the Republic House Majority Whip from Minnesota. He revealed recently that he is joining Ohio’s Warren Davidson in the anti-Gensler campaign.
Gensler’s SEC sides with Wall Street, not Main Street.
I’m proud to join @WarrenDavidson as a co-lead on his bill, the SEC Stabilization Act, so we can #FireGaryGensler.
— Tom Emmer (@GOPMajorityWhip) December 28, 2023
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