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Summary

The XRP price is currently demonstrating a sideways triangle pattern, with a critical support level at $0.47. Despite achieving a significant milestone, XRP’s price is under pressure in the bearish market environment.

Introduction

The XRP Ledger has achieved a notable milestone with over 10 million XRP tokens locked in its AMM pools. However, the ongoing legal battle between Ripple Labs and the SEC has cast a shadow over the cryptocurrency’s performance.

Main Points

The XRP price is facing bearish momentum, trading below $0.50 and forming a sideways triangle pattern on the daily chart. Resistance is observed at $0.55, while support lies at $0.47. The market trend indicates a potential decline if the price drops below $0.48.

Conclusion

Currently, XRP is priced at $0.48, showing a slight decrease in the last 24 hours. A critical juncture lies ahead as the price nears the $0.47 support level. Traders should closely monitor the price movement to anticipate potential shifts in the market sentiment.

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