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This article will analyze the XRP price prediction after a lawsuit.
XRP Price Prediction After Lawsuit
The XRP price has found robust support near the previously broken resistance level of 0.514. This support level is crucial for the bullish outlook of the trend. If the XRP price can maintain its position above this level, we anticipate a potential rise towards the next resistance level, around 0.541.
XRP Price Prediction After Lawsuit – 4H Chart by TradingView
This bullish scenario assumes that the XRP price will continue to hold above the support level. However, in the volatile world of cryptocurrency trading, alternative scenarios are important.
Conversely, if the XRPUSD pair closes below the R1 level, we must reconsider our bullish outlook. In this case, October 20th would be identified as the new higher low point in our analysis. This would indicate a potential shift in trend, and we could expect the XRP price to drop towards the pivot point of 0.494.
In conclusion, while the current trend for XRPUSD appears bullish, with a potential rise to 0.541, traders should also prepare for a possible downturn if the pair closes below R1. As always, in cryptocurrency trading, staying updated with market movements and adjusting your strategies is essential.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
