- XRP’s price dropped by 0.96% over the past 24 hours, bringing the altcoin’s value down to $0.5103 at press time.
- An ascending price channel on XRP’s 4-hour chart suggested that XRP’s price may continue to rise in the next 24-48 hours.
- Meanwhile, a symmetrical triangle on XRP’s daily chart suggested that it may break out soon.
The Founder and Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, recently called the Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, a bully. According to a lawyer and cryptocurrency enthusiast Jeff Roberts, the CEO said at the Messari Mainnet event “You have to stand up to a bully … he’s pursuing power, he’s pursuing politics. Not sound policy.”
“You have to stand up to a bully … he’s pursuing power, he’s pursuing politics. Not sound policy.”Ripple CEO on SEC Chair. He’s not wrong Also notable that Gensler has led one-time crypto foes @twobitidiot and @bgarlinghouse to become allies pic.twitter.com/GS2j1YDeP0— Jeff Roberts (@jeffjohnroberts) September 20, 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 0.96% decrease in price over the last 24 hours, bringing its price down to $0.5103 at press time. This also put its total market cap at approximately $27.134 billion.
Despite the 24-hour loss, XRP’s weekly performance remained comfortably in the green zone. Subsequently, the remittance token’s price was still up 6.05% over the past 7 days.
The 24-hour drop in XRP’s price was accompanied with an increase in the altcoin’s 24-hour trading volume. At press time, CoinMarketCap indicated that XRP’s daily trading volume rose 0.55%. As a result, the total volume was estimated to be $1,022,478,401.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
An ascending price channel had formed on XRP’s 4-hour chart after the altcoin consistently printed higher lows and higher highs throughout the past 2 weeks. If this bullish trend continues, then XRP’s price may have the support needed to overcome the next barrier at $0.5515 in the coming 24-48 hours.
Thereafter, a 4-hour candle close above this significant mark may clear a path for XRP’s price to continue to rise to the next major resistance level at $0.6683 in the following 2 weeks. This bullish thesis will be invalidated if XRP’s price breaks below the positive price channel within the next 24 hours.
In this scenario, the remittance token’s price could be at risk of retesting the immediate support level at $0.4783 through the course of the next 48 hours. Furthermore a 4-hour candle close below this positive price channel may trigger an influx of sell pressure on XRP’s charts.
If this sell pressure persists, the altcoin may proceed to lose the support of the $0.4783 benchmark. As a result, XRP’s value could continue to decline to the next noteworthy support level at $0.4120.
Daily chart for XRP/USDT (Source: TradingView)
Looking at the daily chart for XRP/USDT, a symmetrical triangle pattern had formed on the chart. This pattern suggests that XRP may break out soon. Should it break out towards the upside, the altcoin could flip the resistance level at $0.5515 into support. Thereafter, continued buy volume may propel the altcoin’s price to $0.6683 in the following few weeks as well.
Conversely, a negative breakout may lead to XRP’s price dropping below the immediate support level at $0.4783. Continued sell pressure may then force the cryptocurrency’s price down to the subsequent support level at $0.4120 through the course of the proceeding few days.
Technical indicators suggested that a bullish breakout may be more likely to ensue in the coming couple of days. Most notably, XRP’s price had gained the support of the 9-day and 20-day EMA lines over the past 72 hours, and continued to trade above these 2 technical indicators at press time.
Furthermore, the 9-day EMA line was closing in on the 20-day EMA line. This suggested that XRP’s trend over the past 9 days was more bullish than the trend experienced over the past 20 days. As a result, short-term momentum may shift in favor of bulls in the upcoming few days.
A possible confirmation of this brief change in momentum could be when the 9-day EMA line breaks above the 20-day EMA line. Investors and traders will also want to take note of the fact that the upper level of the breakout chart pattern was confluent with the 50-day EMA line.
Therefore, traders may want to wait for XRP to break above this indicator before considering entering into a long position for XRP. A daily close above this technical indicator could suggest that XRP’s price has the support needed to climb to the aforementioned $0.6683 mark.
This bullish thesis will be invalidated if XRP fails to close today’s daily candle below the 9-day EMA line, which was situated at $0.5052 at press time. In this scenario, XRP may begin a decline towards the previously-mentioned $0.4120 support level.
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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