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The XRP price has been in a downtrend for almost 12 months and now finds itself moving sideways to form a bullish pennant structure. The uncertainty around the outcome of the SEC’s case against Ripple has kept its price action subdued. But some recent positive news could see some healthy price action from XRP over the next couple of weeks.
XRP/USDT – 3D chart
XRP almost hit $2 in April 2021, then dropped all the way to $0.50 just three months later. Since then, the price has chopped sideways, between $0.50 and $1.35, and is currently trading just below $0.80.
Major support at $0.75 could provide an entry-level, with resistance areas at $0.85, $1.00, $1.20, and the 0.618 Retracement at $1.40.
There is also the important daily descending resistance line at $0.92, which comes from April last year. These resistance areas would be great take profit levels.
We need to keep an eye on XRP in the next couple of weeks: if we get a favorable outcome from the SEC investigation, XRP could break out of this bullish pennant with serious volume.
