Advertisement
AD

Main navigation

XRP Follows Bitcoin's (BTC) Enormous Growth, Breaks Through Important Resistance

Advertisement
Tue, 24/10/2023 - 10:12
XRP Follows Bitcoin's (BTC) Enormous Growth, Breaks Through Important Resistance
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Recent events around XRP have led to a surge that mirrored the growth Bitcoin (BTC) has experienced. Notably, XRP's price saw a dramatic upswing following major headlines about the SEC dropping charges against Ripple's leaders. Such news was a significant catalyst, allowing XRP to register its biggest single-day gain in three months.

Advertisement

Taking a closer look at the daily chart, one can spot important resistance and support levels that XRP has interacted with. Prior to the announcement, XRP was trading just below a crucial resistance level. The positive news acted as the perfect catalyst, pushing the cryptocurrency's price well beyond this threshold. 

XRP chart
Source: TradingView

From a support perspective, the $0.50 level stands out. After XRP's rally, it is crucial to see if this level transforms from a resistance to a support. If XRP maintains its position above $0.50, it will provide traders with increased confidence in its upward trajectory. Should there be any retracements in the near future, this level will act as a pivotal line of defense against more significant declines.

Related
Massive Crypto Rally: Bitcoin Tops $35,000 While XRP Surpasses $0.55

But what’s next for XRP? On the upside, if the bullish momentum continues, we can anticipate XRP testing the next resistance at around $0.65. This would be a critical threshold, as surpassing it might open doors for a further uptrend, setting sights on the $0.70 and $0.75 regions.

The overarching sentiment in the market is bullish, not just for XRP but for the broader cryptocurrency ecosystem. Bitcoin's continuous growth has always been a positive sign for altcoins, as it generally paves the way for increased interest and investment in the crypto space. With BTC setting the stage and XRP following suit, there is renewed optimism among traders and investors alike.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles