XRP prices bounced more than 20% following the news of its stablecoin's regulatory approval, but it was likely to retrace these gains.
was trending higher over the past month following the U.S. presidential election results that buoyed the entire crypto market. In particular, Ripple might benefit from increased regulatory clarity.The much-awaited RLUSD stablecoin is Ripple’s attempt to capture a portion of the $200 billion stablecoin sector, which is forecast to grow to nearly $3 trillion in the next five years.After the range breakout a month ago, XRP gained 315% in just under three weeks. Since the local high at $2.
Over the next week, the $2.66-$2.72 zone is expected to be tested before the bears take control in the short term.The 3-day liquidation heatmap outlined the $2.45-$2.5 zone as an intense short-term resistance zone. Beyond it, $2.7 also has a sizeable number of liquidation levels. Putting the different lookback periods’ liquidation levels together, it is likely that the $2.5-$2.7 zone would be a formidable short-term resistance. A rejection from this area and a drop below $2 appeared likely.
On the other hand, a daily session close above $2.7 and a retest of $2.5 as support would be a sign that XRP is ready for its next leg higher. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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