The post XRP Price Poised For 50% Spike Soon, But There’s A Catch appeared first on Coinpedia Fintech News

XRP has entered a consolidation phase after the SEC vs. Ripple verdict, distinguishing institutional sales as securities and retail exchange sales as non-securities. Nevertheless, experts predict a bullish upswing soon, backed by recent developments and enhanced liquidity through increased listings and trading pairs on various Crypto exchanges.

Gearing Up for the Bulls!

Over the past two weeks, XRP has experienced a period of correction, leading to expectations of a new bullish phase following a macro breakout earlier this month. This optimistic outlook is driven by the increased listing and trading pairs on crypto exchanges, which has bolstered the overall liquidity of the cryptocurrency.

Despite these encouraging developments, traders are urged to approach with caution as XRP faces a substantial resistance level around the $1.3 mark in its weekly triangle consolidation.

Read More: Ripple SEC Lawsuit Update: Top Reasons Why SEC’s Appeal Against XRP Might Fail

Crypto Tony’s Insights

Enter Crypto Tony, a prominent digital asset analyst who believes the current short-term consolidation in XRP could be a potential goldmine for profitable trades. To capitalize on this opportunity, XRP bulls must successfully flip the resistance zone at approximately $0.726 and retest it as a strong support level. Once confirmed, this strategic entry point will set the stage for an anticipated scalp trade, expected to unfold in the coming days.

Crypto Tony’s impressive track record includes successful XRP trades, most notably one executed just before the SEC vs. Ripple ruling, which resulted in substantial profits.

A Word of Caution

While the outlook for XRP appears positive, a degree of uncertainty still lingers, necessitating vigilance from traders. Crypto Tony issues a word of caution, emphasizing that the scalp trade setup could be invalidated if the XRP price plunges below the support level of approximately 69 cents.

Related: XRP Price Analysis: Is Ripple Ready For A Launch to $1?