XRP is currently navigating a complex price pattern filled with fluctuations and uncertainties. While there is a possibility for the price to rise, the market lacks the strong bullish momentum typically seen in uptrends. This neutral price outlook coincides with Bitwise Asset Management’s recent filing for an XRP Exchange Traded Product (ETP) with the SEC. Moreover, the approaching SEC appeal deadline on October 7 is capturing significant attention within the cryptocurrency market.
Key Support and Resistance Levels:
The most crucial support level for XRP is situated at 50.3 cents, corresponding to a previous swing low. In order for the bullish scenario to remain intact, XRP must maintain above this level. A failure to hold above 50.3 cents could invalidate the current upward wave count and indicate a shift in market sentiment. Additionally, there are secondary support zones between 57.6 and 57.7 cents that are essential for sustaining the bullish outlook and potentially paving the way for further upward movement. On the upside, the immediate target for XRP is around 74 cents, marking the beginning of an upside target zone. A breakout above this level could trigger a more significant upward movement, confirming the expected bullish trajectory.
Analyzing Wave Structures:
Presently, XRP’s price action is displaying typical corrective patterns, which often lack the stability necessary for sustained growth. The narrative suggests that an X-wave, representing a corrective low, bottomed out in July. Following this, XRP is anticipated to progress higher in a Y-wave, specifically in an A-B-C structure. It is plausible that the B-wave has already reached its bottom, as indicated by the yellow wave count on the chart. The expectation is that the C-wave is currently unfolding, likely in a diagonal structure characterized by five sub-waves.
In conclusion, XRP’s price movement is intricate and uncertain, with potential for both upward and downward swings. The market sentiment remains neutral, with key support and resistance levels playing a crucial role in determining the future trajectory of XRP. As Bitwise Asset Management files for an XRP ETP and the SEC appeal deadline approaches, the cryptocurrency market is closely monitoring these developments for potential impact on XRP’s price movement.