As discussions surrounding the SEC’s deadline to appeal intensify, XRP’s price has begun to rise within a bullish channel. Will it reach the $0.60 mark?
With the SEC approaching its deadline to submit the crucial Form-C statement in the ongoing Ripple case, the XRP token price is staging a bull run. Additionally, the founders of XRPL Labs have voted to reduce the XRP account reserve fee from 10 XRP to 1 XRP, resulting in a 90% waiver.
Amid this positive momentum, can XRP achieve the $0.60 milestone as the broader market gears up for a bullish comeback?
XRP Eyes Channel Breakout
In the 4-hour chart, XRP showcases a bullish trend gaining momentum within a rising channel pattern. With a boost in trading volume, the XRP token price is inching closer to the $0.55 mark.
The bullish rally began after a significant drop of 23.76% in early October when the price fell from $0.6650 to $0.50. However, the altcoin has begun to bounce back as the broader market recovers and social engagement around XRP concerning the SEC appeal increases.
The altcoin has risen by 6.86% from a seven-day low of $0.52263 to $0.55263. This recovery marks a new positive cycle within the rising channel pattern.
As the bullish influence grows, the 20 and 50 EMAs in the 4-hour chart show a bullish crossover. Furthermore, the 20 and 100 EMAs are on the verge of a bullish crossover.
Will XRP cross $0.60?
As the bullish trend extends, XRP appears poised to surpass the 200 EMA on the 4-hour chart while also breaking above the 23.60% Fibonacci level at $0.5510. For a sustained rally, the XRP token price must overcome the overhead resistance trendline and the 38.20% Fibonacci level at $0.5717.
According to the Fibonacci retracement analysis, a breakout from the rising channel could challenge the 61.80% and 78.60% levels at $0.60 and $0.6292, respectively. Conversely, key support levels for XRP are situated at $0.55 and $0.5174.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
