Ripple price broke through the monthly pivot level and was immediately decisively rejected by the 55-day Simple Moving Average on Wednesday during the European trading day (SMA).
At the crucial historical level of $0.37 close, it even qualifies as a double top, which might cause a decline and some profit-taking among bulls.
The price of XRP may be stagnating at this point, and investors may be waiting for a catalyst to drive price movement through and above this technical ceiling around $0.3710.
The US inflation data from Thursday are the ideal choice for it. Bulls will be able to break past that level and reach the 200-day SMA at $0.39 if they decrease more than anticipated.
The current event risk entails a potential binary response to the US CPI figures will be released on Thursday.
This implies that should inflation turn out to be as projected or even greater, there would be a swift sell-off as traders scurried to collect their profits and flee to the hills.
Then, anticipate a swift decline of XRP toward $0.34 or maybe $0.30 before it is repurchased at these support levels.
