XRP, at a crossroads over US market structure bill vote... 40% surge vs sharp retracement

▲ XRP, cryptocurrency bill, US Congress/AI generated image

XRP opened up the possibility of a maximum 40% rise ahead of the vote on the US cryptocurrency market structure bill, but strong resistance in the $1.74-$1.78 range was pointed out as the biggest hurdle.

According to Coingape on September 14 (local time), crypto analyst CasiTrades analyzed that XRP has been consolidating below a major resistance level for several weeks. XRP is maintaining a W4 structure while holding the 50% Fibonacci retracement line. CasiTrades stated, “The W4 structure is still valid,” suggesting the possibility of creating a new high in the short term.

The first target range presented by CasiTrades is $1.74-$1.78. A rise to $1.78 would represent approximately a 25% increase based on the analysis at the time. A further rise to the larger target of $2.02 could result in an increase of approximately 40%.

The problem is the strong selling pressure in the $1.74-$1.78 range. CasiTrades warned that “strong resistance” could appear in this range. Even if XRP surges due to the vote on the US cryptocurrency market structure bill, a sharp retracement could occur at the major resistance level, according to the explanation.

CasiTrades also presented $1.65 as a key price level. If XRP surpasses $1.65 and converts it into a support level, the price structure could change, according to the analysis. Conversely, if it fails to recover $1.65, Fibonacci support levels around $1.09 and $0.87 could once again come into focus.

The US cryptocurrency market structure bill is considered an important variable for XRP's regulatory status. The media reported that the bill includes a digital commodities framework that encompasses network tokens, which could bolster arguments that XRP's secondary market transactions should be classified as commodities.

[Article Key Summary]

-Ahead of the vote on the US cryptocurrency market structure bill, XRP's main upside targets were presented as $1.74-$1.78 and $2.02.

-A rise to $2.02 could mean an approximately 40% increase from the time of analysis, but strong resistance in the $1.74-$1.78 range is the biggest variable.

-If XRP fails to convert $1.65 into a support level, $1.09 and $0.87 are mentioned as lower support levels.

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