XRP struggles to break through the $2.35 resistance level, indicating a lack of demand at higher levels.
The rising probability of XRP ETF approval could catalyze the next round of XRP's rebound.
Bloomberg ETF experts Eric Balchunas and James Seyffart predict that the likelihood of the U.S. Securities and Exchange Commission (SEC) approving ETFs for Ripple (XRP), Solana (SOL), and Litecoin (LTC) by 2025 is 95%.
Will XRP's price consolidation serve as a springboard for the next round of increases, or will bears pull the price down? Let's analyze the charts to find out.
Buyers pushed XRP above the 50-day simple moving average (SMA) ($2.24) on Monday, but the long upper wick on the candlestick indicates selling pressure at higher levels.
The 20-day exponential moving average (EMA) ($2.17) is a key level to watch in the near term. A strong rebound from the 20-day EMA would increase the likelihood of breaking through the $2.35 resistance level. If this occurs, the XRP/USDT trading pair could soar to $2.65.
Conversely, if the price falls below and stays under the 20-day EMA, it indicates that bears are trying to take control. The trading pair could slide to $2.06, followed by a drop to $2. It is expected that buyers will defend the $2 level vigorously, as a close below this level would open the door for a drop to $1.61.
The 4-hour chart shows that bears are fiercely defending the $2.35 level. There is support at the 50-day SMA, but if bears gain the upper hand, the trading pair could drop to $2.06. This is a critical level that bulls need to defend, as a drop below $2.06 could sink the trading pair to $2.
On the other hand, if the price rebounds from the 50-day SMA, bulls will attempt to push the trading pair to the neckline of the head and shoulders pattern. A breakout and close above the neckline would complete a bullish setup, targeting $2.76.
This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should conduct their own research when making decisions.
Original article: “Traders Predict Ripple (XRP) Consolidation to $2.35 Amid ETF Speculation”
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