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For the last year we have all been witness to the expose happening between the SEC and Ripple Labs over XRP status. Whether finality is reached in those happenings today, tomorrow or 6 months from now, the point remains. The charts look interesting.
Similar to many of the projects across the crypto space, XRP has been similar with a large run up in May of 2021 and then a long and drawn out sell-off, capitulation and re-accumulation taking place.
If you take a fractal from about November 2020 to the run up in May of 2021 you can see that we are mirroring those movements in a very resembling type of way.
Now as we look at our current circumstance we are right in the middle of two levels of support and resistance. The two daily levels above and below respectively at $1.07 and $0.47 make for an interesting interim range. The real question is at what point will this range break in either direction. A change in the XRP / SEC situation will most likely be a catalyst. The question remains to timing.
In the meantime, keeping the zoom out at the daily level we see a powerful move to the upside currently which would most likely take a pause to either retrace or continue further. Keep your eye on it and it should be interesting and exciting over the weeks to come.