XRP Eyes Support Near $2.40 Amid Sell Signal, Possible Breakout Above $3.07 Considered
Main Idea
XRP's price is currently influenced by technical indicators, legal developments, and ETF approval prospects, with critical support at $2.40 and potential breakout above $3.07.
Key Points
1. XRP is trading at $2.87, with a 3-day TD Sequential sell signal indicating potential selling pressure and critical support at $2.40.
2. A falling wedge pattern suggests a possible bullish reversal, with a breakout above $3.07 potentially leading to a 20% upside.
3. Legal developments, including an upcoming SEC status report by August 15, could impact XRP's market sentiment and price stability.
4. ETF approval prospects are high, with a 90% chance estimated by October, influencing market optimism and price movement.
5. On-chain data shows significant market adjustments, with over $41 million in adjustments and potential penalties of $125 million affecting XRP's outlook.
Description
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