XRP Ripple I hope you had a good weekend.
According to the news about XRP, I decided to share an analysis of it with you today.
Ripple is planning to launch RLUSD Stablecoin on December 4th, which increased the price of the XRP (XRPUSDT) token.
“Ripple is set to release RLUSD, a stablecoin backed by NYDFS approval. This strategic move enhances Ripple’s foothold in regulated digital finance and strengthens its position in the stablecoin market, challenging giants like USDC.
RLUSD will provide a stable pairing for XRP amid Ripple’s ongoing legal battles.
Partners like Bitstamp, Moonpay, and Uphold are on board, ensuring compliance with top-tier transparency and security standards.“
Of course, we should be careful with this proverb: “Buy the Rumor, Sell the News“, of course, it depends on the cryptocurrency market conditions on December 4th, if the crypto market is bullish on December 4th, we can expect the continuation of the upward trend of XRP.
Now, let’s go to the Technical Analysis of XRP.
XRP Ripple is currently moving in a Heavy Resistance zone($2.00-$1.50) and has so far failed to make a new All-Time High(ATH)(on the Binance exchange).
Also, from the point of view of Classic Technical Analysis, it seems that XRP is moving inside an Ascending Triangle.
According to Elliott wave theory, XRP is completing microwave 4 of microwave 5 of main wave 3.
I expect XRP Ripple to drop(-7%) to at least the Potential Reversal Zone(PRZ)[$1.78-$1.65], Uptrend line, and 100_SMA(4H-TF) after breaking the lower line of the ascending triangle pattern.
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⚠️Note: If XRP can break the Heavy Resistance zone($2.00-$1.50), we can expect more XRP pump.⚠️
⚠️Note: If XRP Ripple goes below PRZ and Uptrend line, there is a higher possibility of a decrease.⚠️
⚠️Note: If XRP goes below $1.50, we can expect more dumps.⚠️
XRP Analyze (XRPUSDT), 1-hour time frame⏰.
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The XRP Ripple Weekly Data Analysis by Fadel Qasim. Get our Indicator’s License here..
