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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Chills About Support And Aims Higher, Will It Breach $0.5?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Ripple-1 XRP

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The crypto market is bouncing from daily support levels with XRP outperforming larger cryptocurrencies, such as Bitcoin and Ethereum. This token has been trending to the upside and moving against the tide even when conditions were unfavorable on small timeframes.

Related Reading: Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

At the time of writing, XRP’s price trades at $0.49 with a 3% profit and 9% profit in the last 24 hours and 7 days, respectively. With the exception of Bitcoin, larger cryptocurrencies are recording sideways movement or negative performance as XRP bounces.

XRP XRPUSDT Ripple
XRP’s price with bullish momentum on the daily chart. Source: XRPUSDT Tradingview

XRP Takes Impulse And Aims For Higher Levels

During today’s trading session, the crypto market lost momentum and was rejected by previous support. For Bitcoin, this area was located at around $19,800, while XRP retraced to around $0.48.

According to pseudonym trader, this area operating as critical support is at the top of a pattern that could be hinting at further gains for the cryptocurrency. As seen in the chart below, XRP’s price formed a descending triangle pattern.

Over the past week, the cryptocurrency managed to bounce from the lower levels of this pattern and scored a successful breakout with a re-test of support. These elements hint at an extension of the bullish momentum with a potential target at $0.50, XRP’s major resistance level.

The pseudonym trader noted the following while sharing the chart below:

$XRP Has been chilling on this trend line after breaking out of it. If the market holds up, I think this will head higher. $0.5-0.51 first area of resistance. $0.6 area should be next if it can break above $0.5-0.51. XRP/BTC Pair quite strong throughout the past few days.

Ripple XRP XRPUSDT chart 2
XRP’s price sitting at critical support and with a possibility of moving towards $0.50, if this trendline holds. Source: DaanCrypto via Twitter

This cryptocurrency’s bullish price action has been supported by positive developments in the legal battle between the U.S. Securities and Exchange Commission versus payment company Ripple. The legal dispute is related to XRP and an alleged illegal offering of the token as an unregistered security.

Filed in late 2020 by the regulator, the case might be coming to an end with a positive result for the payment company and XRP holders, or at least, that seems to be the expectation in the market. At the moment, the cryptocurrency is moving away from a range last seen when the lawsuit became public.

Crypto Market Conditions Positive For A Rally?

Additional data provided by analyst Justin Bennet indicates that the S&P 500 is also showing positive price action. This index has exercised a lot of influence over digital assets and might allow XRP to follow through and finally break the key resistance at $0.50.

Related Reading: Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL?

In addition, Bennett showed an important reclaimed of a trendline on the daily chart as measured by the crypto market’s total market cap index. However, this reclaimed will be confirmed upon today’s close.

$TOTAL reclaimed the June trend line yesterday. Bullish reclaim as of now.

Let’s see where today closes. $BTC $ETH https://t.co/pILwWd2GZb pic.twitter.com/4sRsJqsbkn

— Justin Bennett (@JustinBennettFX) October 5, 2022 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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