XRP experienced significant price fluctuations as the market remained uncertain due to the ongoing SEC lawsuit. According to Cryptowzrd, a market observer, traders are seeing a mixed outlook for XRP. Despite some price movement, there is no clear direction yet. The key indicators suggest a potential reversal. However, it depends on several other factors, too.
At the time of this writing, XRP was trading at $0.5239. This marked a slight increase of 0.44% in the preceding 24 hours. However, XRP had faced a major decline of 10.94% over the past week. Further, its 24-hour trading volume has surpassed $2 billion. This implies that both XRP and XRPBTC faced price declines on Friday.
Cryptowzrd points out that the price action has been indecisive. Meanwhile, XRPBTC closed on a bearish note, further complicating the market outlook. This bearish close for XRPBTC raised concerns about a quick recovery for XRP.
XRP Daily Technical Outlook:$XRP declined but closed indecisively, we need more healthy candles although I expect to get a reversal as soon as the SEC lawsuit tension eases. I will be tracking the intraday chart formation to get a trade 😈 pic.twitter.com/RVA3VqI9wQ
— CRYPTOWZRD (@cryptoWZRD_) October 4, 2024
XRPBTC Bearish Momentum
XRPBTC closed on Friday in a bearish trend, indicating challenges ahead for XRP traders. The analyst noted that the key level for XRPBTC is 0.000010110 BTC. A reversal towards this level is necessary to create bullish momentum. Without it, XRP may struggle to regain strength.
Cryptowzrd also highlights that XRP needs to break above $0.5500 to initiate a potential rally. If the price moves past this level, it could target the $0.6500 resistance zone. However, this optimistic scenario depends on Bitcoin’s performance. For XRP to see such a move, Bitcoin needs to turn positive. Bitcoin’s influence on the broader market is critical for XRP’s short-term success.
XRP Breaks Key Resistance Line: A Potential Surge Ahead?Volatility and Impact of SEC Lawsuit
Cryptowzrd warns of increasing volatility in the intraday market chart. With a significant price swing, the volatility is expected to continue on Saturday, too. The analyst plans to monitor the charts closely for the next trading opportunity and alerts traders to prepare for further fluctuations in the XRP price.
If the SEC lawsuit against XRP continues, it would lead to further challenges and uncertainty for Ripple in the market. The price fluctuations have already incited fear, uncertainty, and doubt (FUD) among investors. Overall, this will bring significant changes for XRP in the market.
