thecryptobasic.com
XRP is positioning itself for a potential comeback, eyeing a recovery campaign above the $0.50 territory as the Ripple Proper Party looms.
For over a week, XRP has remained in a state of consolidation at the $0.50 level. This period of relative stability comes amid an atmosphere of uncertainty prevalent in the cryptocurrency market.
Recall that The Crypto Basic recently called attention to a symmetrical triangle that XRP has continued to trade in. The asset has failed to break out of this triangle. The chart pattern suggests a state of market indecision, where neither bulls nor bears have gained a decisive upper hand.
A recent attempt to break above the triangle occurred on Sept. 20 when XRP surged to $0.5254. However, this upward momentum encountered resistance from the bearish camp, resulting in a retreat from the lofty price position.
Despite this setback, XRP has managed to maintain its position above the $0.50 mark, showcasing resilience and robust support at this level.
Crucially, XRP has continued to close daily above $0.50 since Sept. 19. This consistent performance underscores the asset’s ability to hold firm in the face of market turbulence and the strength of this support point.
Ripple Proper Party Anticipation
Notably, the latest consolidation suggests that market participants are cautious without any significant updates on the Ripple vs. SEC case. However, the Ripple Proper Party, which is just two days away, could provide some support.
This event could rekindle positive sentiments within the XRP community, building upon the legal victory secured on July 13. Set to take place on Sept. 29 in New York City, the party has generated significant interest.
Ripple launched a dedicated website for party registrations, inviting individuals to sign up. However, the RSVP window is closed as of press time. Notably, attendance requires a valid government-issued ID and is for individuals aged 21 and above.
Despite being a celebration of XRP’s legal triumph, Wall Street Veteran Linda Jones recently emphasized that the event is not primarily about the price of XRP. However, XRP’s price did skyrocket shortly after the initial announcement.
XRP Needs to Hold $0.50
Following the announcement of the party on Aug. 28, XRP experienced a rally, reaching $0.5496 the next day. However, this surge proved short-lived, and XRP has struggled to regain the $0.54 level since falling below it.
Breaking above the symmetrical triangle is crucial for XRP, as it could propel it toward the $0.54 mark in the short term. The first formidable resistance above the triangle’s upper trendline is $0.5254. Overcoming this level would pave the way for a move toward $0.54.
As of now, XRP is trading at $0.5029. Notably, the asset must hold above the $0.50 level to hedge against any drop below the lower trendline of the symmetrical triangle.
If it dips below this support, only the level at $0.4968 can prevent such a drop. A breach of the lower trendline could expose XRP to its first significant support at $0.4694. This support serves as a crucial point of defense for the asset.
Market watchers should also keep an eye on the impending death cross, a technical indicator recently highlighted by The Crypto Basic. This event could have notable bearish implications for XRP’s price trajectory if it materializes.