What Does the Future of XRP Look Like at $0.60
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Reporter
Posted:
- XRP’s climb neared the Q3 supply zone.
- Will whales ramp up their profit-taking in this zone once more?
Ripple [XRP]
experienced an 11% surge last week, partially due to the inclusion of an XRP Trust in Grayscale’s crypto offerings.
However, the altcoin was on the verge of entering a Q3 supply zone around $0.06. This area has historically attracted significant profit-taking, especially from whales. Will history repeat itself as per XRP’s price forecast?
XRP’s price trajectory was evident in Q3. Especially notable was both the partial legal success against the SEC and a robust recovery in July that culminated near the $0.6 supply threshold. span >
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The $0.6 price level is therefore vital, particularly during phases of upward price movement. span >
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As of now, this week’s rally is approaching that supply zone. span >
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If this pattern continues and further price rejections occur, XRP might fall back to $0.54. span >
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Should market conditions cool down ahead of the FOMC meeting, it may be advantageous to short XRP. span >
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