XRP has been struggling to keep up with the cryptocurrency market, with its price consolidating after a partial victory in the ongoing legal tussle between Ripple and the US Securities and Exchange Commission. After news of the partial victory, XRP experienced a surge that enabled holders to sell their bags, however, the lack of interest from investors has made them more conservative. This is why there are relatively significant corrections compared to the shallow corrections in bull cycles, according to crypto trading analyst Michaël van de Poppe.
Van de Poppe believes that the area around $0.55 represents a retest for the XRP token on a weekly timeframe and could be the basis for a potential new impulse move. He believes this is also the price level to take entries for the coming cycle.
At present, XRP is priced at $0.626, recording a 0.15% decline in the last 24 hours, a 0.8% gain over the past seven days, and a 16.57% decrease in the past month. It has recently been displaying chart patterns last seen five years ago, when the asset reclaimed the 20-period and 50-period simple moving averages and made the biggest bull run in XRP history.
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