Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ETHEREUM NEWS»XRP on the edge – Bullish pattern or profit-taking retreat?
ETHEREUM NEWS

XRP on the edge – Bullish pattern or profit-taking retreat?

By Crypto FlexsMarch 9, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
XRP on the edge – Bullish pattern or profit-taking retreat?
Share
Facebook Twitter LinkedIn Pinterest Email

XRP, the native token of the Ripple network, has been a roller coaster ride for the cryptocurrency. After a year of significant price fluctuations and high-profile lawsuits, XRP is at a crossroads. Could technical indicators indicate a long-awaited uptick? Or is the recent decline a sign of potential pre-fall profit taking?

Is XRP Ready for a Breakout?

Technical analysts are closely watching the price movement of XRP. Cryptocurrencies appear to be on the verge of breaking out of their multi-year symmetrical triangle formation. Characterized by the convergence of price channels, this pattern often precedes significant price increases. If XRP can decisively surpass the resistance level of $0.6201, it could trigger a bullish run for the token.

$Xrp#Xrp Still trying to sort out a multi-year symmetrical triangle A successful breakout is expected soon after a successful breakout A major bullish wave is expected in the coming months#Cryptocurrency https://t.co/KIWel0U5Z5 pic.twitter.com/fRKM5WbZk9

— World Of Charts (@WorldOfCharts1) March 6, 2024

However, recent market volatility has proven to be a huge obstacle. Despite briefly surpassing the resistance level, XRP failed to maintain momentum. This highlights the ongoing uncertainty surrounding cryptocurrency markets, where external factors can quickly disrupt even the most promising technical signals.

As of this writing, XRP is painted red and trading at $0.62, down 0.7%, 0.1%, and 1.1% on an hourly, daily, and weekly basis, according to data from Coingecko.

XRP price backpedals in the weekly timeframe. Source: Coingecko.

Profit seeking or pre-litigation anxiety? XRP price retreat

A potential breakout offers a glimmer of hope for XRP holders, but a different story is unfolding in the short term. The token price has fallen slightly in recent days. Analysts attribute this decline to two key factors.

First, there was a significant withdrawal of XRP from investor wallets in March. Holders reportedly cashed in a total of $370 million in profits. This surge, especially by those who accumulated XRP at lows, is a natural market reaction and can contribute to price fluctuations.

Second, the upcoming deadline for the ongoing SEC vs. Ripple lawsuit is casting a shadow over the price of XRP. The March 22 deadline for filing relief-related reports with the SEC creates uncertainty in the market. Investors often take a cautious approach during legal battles, which can push prices down.

The market cap of XRP is currently at $34.1 billion. Chart: TradingView

Balancing technology and market realities

XRP’s current situation presents a classic case of conflicting forces. On the one hand, technical indicators hint at a potential breakout and suggest a future price surge. On the other hand, profit-seeking behavior and pre-litigation jitters are putting downward pressure on token prices in the short term.

The next few weeks will be critical for XRP. The outcome of the SEC lawsuit and the token’s ability to break through resistance levels will determine its price trajectory. Whether XRP will strengthen or retreat further will depend on how these factors play out.

Featured image from Pexels, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Enterprise Ethereum Alliance accelerates strategic vision with new leadership and board promises -Enterprise Ethereum Alliance

June 5, 2025
Add A Comment

Comments are closed.

Recent Posts

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025
Most Popular

Solana DApps volume increases 46% in one week. Is $180 SOL next?

October 2, 2024

Binance Introduces LayerZero (ZRO) to Multiple Platforms, Including Futures and Margin

June 20, 2024

Solana Ecosystem Struggle -Merchant, Should I worry?

February 21, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.