XRP is approaching the Ripple Victory party and SEC settlement on September 29th, which is a major event for the cryptocurrency. The outcome of the settlement could have a significant impact on the price of XRP, so traders are closely monitoring the situation.
On the 1-hour timeframe, XRP price action shows a potential push to the downside, but the overall structure remains uncertain. The 50 EMA and 1-hour 200 EMA indicate some bullish signs in the short term, but there is also a possibility of a pullback before the SEC settlement.
One potential trading opportunity is to buy XRP if it falls to the 50-88.2% retracement area, followed by a downward move. This would be a counter-trend trade, but it could be profitable if XRP rebounds after the SEC settlement.
Medium to Long-Term Outlook
The medium to long-term outlook for XRP appears more bullish. The cryptocurrency has a strong fundamental base, and it is being adopted by more and more businesses. If the SEC settlement is favorable to Ripple, it could lead to a significant increase in the price of XRP.
Traders should trade cautiously with tight stop-loss orders before the SEC settlement. If XRP falls below the 50 EMA on the weekly timeframe, it could be a sign of a further decline. However, if XRP holds above the 50 EMA and breaks the trendline resistance, it could be a sign of a bullish breakout.
Overall, there are potential trading opportunities in XRP before the SEC settlement. Traders should carefully monitor the price action and manage their risk accordingly.