12 March 2023 10:02, UTC
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XRP has been in a downtrend for the last few weeks, moving in a descending channel. However, the asset has now reached a pivotal support level that could determine its next move. If XRP breaks through this support level, it could fall further into the downtrend. On the other hand, if the asset bounces off this level, it could move toward the upper border of the channel.
One of the key indicators for XRP’s performance is its trading volume. The trading volume of the asset suggests that XRP’s local downtrend might be reaching its conclusion and fading. This could be a sign that the asset is ready to bounce toward the upper border of the descending channel.
However, a trading volume spike on Monday might lead to an acceleration of the downtrend. If this happens, it could cause XRP to break through the pivotal support level and continue its downward trend.
Despite all the challenges, some analysts believe that XRP could still have a bullish outlook in the long term. The asset has a strong following and is widely used in the financial industry. If Ripple wins the lawsuit against the SEC, it could lead to a surge in demand for the asset and a significant price increase.
At press time, XRP is trading at $0.35 and still moving in the aforementioned formation, and will most likely continue to do so up until the market decides its faith for the foreseeable future.
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