- The Ripple community is set to celebrate their partial victory over the SEC at the end of this month.
- XRP’s price suffered a 24-hour decline of 1.37%, bringing its price down to $0.5251.
- Technical indicators suggested that XRP’s positive trend may continue in the coming few weeks.
Following the legal victory over the SEC earlier this year, Ripple has planned a celebratory victory party slated for 29 September 2023, in the heart ofNew York City. This long-awaited event is more than a mere commemoration; it stands as a powerful testament to resilience and a pivotal moment in the landscape of cryptocurrencies.
This legal victory not only provided Ripple with the sought-after regulatory clarity for XRP but also settled the overarching question of whether XRP was a security. This ruling quelled the uncertainties that had cast a shadow over XRP’s legal standing within the cryptocurrency ecosystem.
In the midst of this triumph, Ripple’s CEO Brad Garlinghouse took to social media to confirm the much-anticipated event that was promised to the XRP community following a victory against the SEC. In his latest tweet, Garlinhouse stated “As promised – it’s time for that proper victory party.”
As promised – it’s time for that proper victory party. The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC! https://t.co/9YDQGnK6Pg— Brad Garlinghouse (@bgarlinghouse) August 28, 2023
XRP Current Market Standing
Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 1.37% drop in price over the last 24 hours, bringing its price down to $0.5251 at press time. This also put its total market cap at approximately $27.819 billion.
The 24-hour loss also dragged the remittance token’s weekly performance into the red zone. Subsequently, the altcoin’s price was down 0.60% over the past 7 days.
Along with the price decrease, the altcoin also recorded a decline in its 24-hour trading volume. As a result, XRP’s daily trading volume stood at $894,262,816. This was a 42.76% decrease compared to the altcoin’s trading volume in the previous 24-hour cycle.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
A positive price channel had formed on XRP’s 4-hour chart after the cryptocurrency consistently printed higher lows and higher highs throughout the past 2 weeks. This positive trend had gradually elevated XRP’s price to the $0.5380 resistance level, which it was attempting to flip into support at press time.
If the altcoin is able to close a 4-hour candle above the $0.5380 threshold, then it may continue its steady ascent toward the next significant price point at $0.5890 in the coming few weeks. Prolonged buy support could also lead to XRP’s price attempting a challenge at the $0.6405 resistance as well in the medium term.
On the other hand, XRP’s price falling below the lower level of the price channel on its 4-hour chart may put the altcoin at risk of testing a crucial support level in the following week. In this scenario, the cryptocurrency’s price may drop to as low as $0.4715.
Daily chart for XRP/USDT (Source: TradingView)
Looking at the daily chart for XRP/USDT, a notable bullish technical flag was triggered over the past 48 hours. During this period, the MACD line crossed above the MACD Signal line. This suggested that XRP’s overall trend was shifting from bearish to bullish, and XRP’s price may continue to rise in the coming few weeks.
Furthermore, the 9-day EMA line was closing in on the 20-day EMA line. If these two technical indicators cross within the next few days, then XRP’s price may attempt to flip the $0.5890 resistance into support. A potential early confirmation of this bullish thesis may be the altcoin closing a daily candle above $0.5380.
Should XRP’s price then close a daily candle above $0.5890, it will have a clear path to continue to rise to the next major resistance level at $0.6405 in the following 72 hours. This bullish thesis will be invalidated, however, if XRP fails to close a daily candle above $0.5380 within the next 3-5 days.
In this scenario, the remittance token’s price may be at risk of falling down to the aforementioned $0.4715 support level in the coming 2 weeks. This bearish thesis will be validated if XRP closes 3 consecutive daily candles below the 9-day EMA line at around $0.5301.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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