XRP Price Plunges Amidst Traders’ Profit Exodus – Will $0.54 Prove a Make-or-Break Level?

The post XRP Price Plunges Amidst Traders’ Profit Exodus – Will $0.54 Prove a Make-or-Break Level? appeared first on Coinpedia Fintech News

The recent judgment in the SEC vs Ripple case has left crypto traders intrigued about the XRP market. With the pronouncement that XRP is not a security, the price surged beyond its previous resistance levels of 54 and 58 cents, reaching 95 cents on Thursday. However, profit-taking on Friday led to a retracement to 66 cents, tempering the enthusiasm of the XRP bulls. Nonetheless, the bulls still hold the upper hand, though the battle with the bears remains fierce.

A well-known digital analyst and host of the Cheeky Crypto YouTube channel offered insights on the XRP price analysis. The analyst suggested that the short-term poses challenges for the XRP bulls, as traders who had been accumulating before the Ripple case ruling are now capitalizing on their profits. Nevertheless, the analyst believes that those who bought at the recent rally’s peak may still have a chance to make a profit in the coming months.

From an Elliott wave perspective, the analyst highlighted the possibility of an ABC correction, potentially driving XRP below 60 cents in the weeks ahead if the bulls fail to reclaim levels above 95 cents in the near future.

Furthermore, the analyst pointed out that XRP has been confined within a rising channel over the past year, and the recent push by the bulls has taken the price to the upper boundary of this channel. Consequently, a correction toward the supply and demand zone between 54 and 58 cents is anticipated.

As the XRP market navigates the aftermath of the Ripple case ruling, traders are eagerly observing whether the bulls can sustain their momentum or if a correction is imminent. While uncertainty looms, the XRP price remains subject to the tug-of-war between the bullish and bearish forces in the market.