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XRP/USD forms symmetrical triangle as volume fades
Ripple’s MiCA CASP approval lets it offer regulated crypto payment services across the EEA, but technicals point to consolidation between $1.0750 and $1.1080.
Action Forex reports that Ripple received a full Crypto-Asset Service Provider, CASP, licence under the Markets in Crypto-Assets, MiCA, framework from Luxembourg’s financial regulator, CSSF, on 6 July. The licence enables Ripple to provide regulated crypto payment services across all 30 countries of the European Economic Area, with the outlet noting that market reaction has been relatively muted after a preliminary approval in June.
On the chart, XRP/USD is building a pattern resembling a symmetrical triangle after an unusually large vertical volume spike on 26 June and a bullish reversal. The pair is consolidating within the current market profile, trading between a lower boundary near $1.0750 and a point of control, POC, at $1.1080.
Action Forex adds that if XRP breaks below the lower edge of the profile, the next support to watch is around $1.0550, while a move above the upper boundary near $1.1380 could put $1.1600 into focus as resistance.
The outlet also points to declining vertical trading volume and neutral RSI plus moving averages readings, clustered around the midpoint of the neutral zone, as signs that the market is consolidating rather than preparing for an immediate breakout. It flags US digital asset market structure legislation as an additional factor to monitor, suggesting timing could slip until late July or early August and affect institutional demand.
Latest closeXRP $1.111 ▲1.4%