🟡 This week, the price of Ripple dropped from $0.63 to $0.52 due to a new legal battle with the U.S. Securities and Exchange Commission. However, traders believe this is just a temporary issue and not a long-term obstacle, with many preparing for a potential rally.
🟡 Analyzing the Bollinger Bands on the daily chart indicates increased volatility for XRP. The price of the altcoin is currently at the 38.2% Fibonacci level, which also serves as a support level and could aid in XRP’s recovery.
🟡 Therefore, there is a high probability that XRP will break through the resistance at $0.58. If this happens, the price of the altcoin could surge to $0.62.