XRPAlthough it has not shown significant price changes recently, it has an important position among popular cryptocurrencies and continues to attract the attention of investors. This interest is largely due to the legal fight between Ripple and the Securities and Exchange Commission (SEC), which has reached a critical stage.
Currently, XRP is in the process of consolidating at levels below $0.65. cryptocurrency analyst Egrag Crypto shared an important idea about the points investors should consider. In a Twitter post on March 30, the analyst emphasized that considering current trends, investors should focus on accumulation but keep an eye on significant levels that could signal a potential breakout.
Investors’ focus on accumulating for XRP appears to be a wise strategy in the current state of the market. However, when it comes to a potential price breakout, it is important not to ignore these critical levels. As Egrag Crypto points out, investors should follow these key points and carefully monitor the development of the market.
The analyst emphasized the importance of monitoring XRP’s performance relative to the Fibonacci retracement levels, specifically identifying the Fib 0.5 level at $0.75. This represents an average increase of 20%.
According to Egrag Crypto, before XRP manages to close above a certain level on the weekly time frame, the market is likely going through an accumulation phase. This suggests that other price fluctuations can be considered insignificant noise.
The analysis provides a roadmap for XRP, indicating that the asset should focus on the next critical areas such as Fib 0.618 and Fib 0.702 levels, with a key trading area around $1.
“As highlighted by Egrag Crypto, the next critical zone is Fib 0.618 (0.94c) and Fib 0.702 (1.10c). It is important to observe these levels and it may be wise to continue stacking your assets during this period.”
If this prediction comes true, a positive trend is expected for investors, especially considering XRP’s previous disappointing performance in surpassing the $1 level.
However, the ongoing litigation between Ripple and the SEC casts a long shadow over the future of XRP. At the heart of the case is the question of whether XRP is an unregistered security, a classification that could prevent XRP from gaining wider acceptance if the SEC wins. If this legal battle ends in a positive outcome for Ripple, it could significantly increase the price of XRP.
In particular, there is speculation that both parties could potentially reach an agreement if the initial court decision ends in favor of Ripple, ruling that XRP is not a security.
