Trader Cryptocurrency Trader and Scott Melker confirmed that after the explosive transition to XRP from trading without a $ 1 mark, the symbol still has great potential for a great move in the near future.
Melker said, the XRP road until the “next big engine” becomes more than just its last date of the rapid price procedure, as he explained in an interview with David Lane Published On May 17.
Milker highlighted that the outbreak of XRP was driven by many major developments, including its effective classification as “not safe”, which removed a major organizational overlap. This legal clarity allowed the distinctive symbol to earn momentum in optimism about the post -election market.
More reinforcement, XRP was included in the ATF applications (ETF) and the ability to be part of the US strategic assets stocks, which enhances its position as a main player in the market.
However, Melker noticed that in order to become the next leading XRP, it needs a new and convincing novel, as some slight uncertainty, such as the final settlement of financial penalties in the Ripple and Securities Exchang (SEC) case, still exists.
“I think we can say that there is a lot of weight it carries [XRP] Below, a type of balloon that is pushed under the water, and when all of this was issued, clearly. <...> They will now need another narration to be the next big engine. ”
A new development in the case of ripples
It is important to remember that on May 8, Ripple and SEC appeared close to the completion of a $ 50 million settlement to end their dispute, pending the approval of the court.
However, on May 15, Judge Angisa Torres prevented the deal, saying that the proposal filed under Article 60 requires proof of “exceptional circumstances”, which were absent.
The proposed settlement has sought to reduce the financial penalty of Ripple by 60 %, from 125 million dollars to $ 50 million, while allowing SEC to turn its approach to the regulation of the encrypted currency.
Despite the ongoing legal uncertainty, XRP was mainly traded less than the 3 -dollar sign, which reflects the broader market morale.
However, the technical analysis of Ted Boan Proposal A possible outbreak, as XRP has recently risen over the descending resistance line, determining a decisive support level of about $ 2.4.
If this momentum continues, XRP can push towards a range from 2.9 to 3 dollars in the coming weeks, with the support of a classic “cup and handle”, which is a traditional bullish formation. However, failure to keep this level can see XRP re -testing the previous support zone near $ 2.
XRP price analysis
By the time of the press, XRP was traded at $ 2.37, a decrease of 2.6 %. Last week, the original decreased by 1.4 %.
At the current price, XRP is trading higher than simple moving averages for 50 days and 200 days (SMA), indicating a short -term upward trend.
Distinctive image via Shutterstock
