BingX Advisor: Why XRP Traders Should Wait for a Weekly Breakout

• BingX advisors advise waiting for a confirmed breakout in XRP before considering any upward moves.
• Ripple’s legal victory confirms XRP’s non-security status, but a potential SEC appeal remains a concern for investors.

The performance of the XRP price has drawn attention, particularly from BingX advisor Nebraskangooner. He emphasized the importance of waiting for a clear confirmation of the pattern he has presented before making any substantial moves.

Patience is Advised as XRP Awaits Key Breakout Signal 

In a tweet, he noted that XRP has been assaulting the upper channel resistance but has yet to break. It’s best to wait for a break before considering an upside move.

This cautious approach is due to the fact that the analysis is based on a weekly chart, which indicates that any break from the channel could indicate a long-term trend that should be actively observed.

$XRP (per request)

Assaulting this upper channel resistance but still no success at breaking.

Best to wait for a break before entertaining an upside move. pic.twitter.com/UlcX9ncTWl

— Nebraskangooner (@Nebraskangooner) August 20, 2024

As long as the price remains in this pattern, the movement will most likely be limited to a consolidation phase, with prices bouncing between the channel’s high and low levels. This finding shows that traders should be patient and wait for a clear move before making any decisions.

At the time of writing, XRP is trading at $0.5955, down 2.03% over the last 24 hours, with a daily trading volume of $1.115 billion. These data show a slight decline, but overall market sentiment remains cautious.

Additionally, our recent reports have highlighted a huge whale transaction, in which 33 million XRP were transferred from an unknown wallet to the Binance exchange. This big move suggests a probable liquidation, complicating the existing market dynamics for XRP.

Such large-scale migrations frequently influence price patterns, particularly when the transferred assets are sold on the open market.

On the other hand, as previously reported by CNF, an influencer has stated that XRP might reach $125 per token by factoring in the volume of the OTC Forex market when calculating its worth.

This prediction, while bold, adds a speculative element to XRP’s future, particularly as market participants consider the legal and financial consequences of such significant growth.

Furthermore, Ripple’s court victory has entrenched XRP’s non-security classification, notwithstanding the prospect of an SEC appeal.

This legal certainty has given XRP a huge boost, reassuring investors and stakeholders about its regulatory status. However, the lurking danger of an appeal continues to cast doubt on its potential price trajectory.