XRP has undergone a sharp short-term price correction after trading within a consolidated zone for several months despite gaining partial legal clarity that deemed it not a security.
As the new week begins, XRP and the broader cryptocurrency market face critical moments, with all eyes on the anticipated spot Bitcoin (BTC) exchange-traded fund (ETF) approval. This event is closely monitored for its potential impact on the market.
In this line, crypto analyst Cryptoinsightsuk, in an X (formerly Twitter) post on January 7, highlighted the significance of this event and its potential influence on the trajectory of XRP. From his perspective, XRP is poised for a breakout, but investors need to monitor various developments closely.
The expert emphasized the importance of XRP holding a weekly close above $0.5636. This level is considered pivotal, with XRP having reacted to it multiple times over the past seven years, both as support and resistance.
XRP price analysis chart. Source: TradingVi
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