Could Bitcoins 70K Breakout Impact XRP Price Despite Ripples CrossAppeal

After the submission of Form C on October 25, XRP witnessed a sudden dip below the critical 50-cent threshold; however, it quickly rebounded shortly thereafter. The most notable decline occurred on October 3, when the SEC revealed its intention to appeal Judge Torres’s ruling. This announcement raised some concerns among investors, yet many XRP enthusiasts still hold onto a sense of optimism for a potential recovery.

Despite navigating through corrective trends within the broader market, XRP’s price movements have not clearly indicated a definitive direction. Following a brief surge from its October low, the cryptocurrency encountered resistance and has since experienced a downward trend. Nonetheless, there are indications that this decline might have come to an end, leading analysts to keep an eye out for possible upward reversals.

While initial forecasts suggested another price drop, there is now speculation that XRP may have established a bottom after the most recent pullback. Analysts are particularly attentive to the upcoming c-wave rally, which would gain validation if XRP manages to surpass 56.4 cents, the swing high reached on October 17.

A five-wave upward movement would signal a more robust bullish trend, paving the way for further price increases. However, in light of current market conditions, caution is advised, as there is still the potential for another downturn before any significant upward movement occurs.

On a larger scale, XRP’s long-term chart reveals the possibility of a corrective rally forming within an ABC structure. If the price begins to rise, it could eventually target levels between $1.26 and $2, provided it successfully completes the preceding a-wave and b-wave movements.

Despite Bitcoin’s recent surge past the $70,000 mark, market sentiment surrounding XRP remains mixed, primarily due to the ongoing SEC versus Ripple lawsuit, which has yet to yield any favorable outcomes. Nevertheless, many XRP holders are opting for patience rather than panic, choosing to wait and see how the appeals process unfolds before making any decisions.

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Bitcoin
Crypto news
Ripple (XRP)

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