- The price of XRP rose 3.96% after the SEC’s motion to file an interlocutory appeal was denied.
- Meanwhile, a symmetrical triangle chart pattern that had formed on XRP’s 4-hour chart suggested XRP may breakout soon.
- On the daily chart for XRP/USDT, a positive price channel formed which may lead to XRP rising in the coming few days.
The motion to file an interlocutory appeal by the U.S. Securities and Exchange Commision (SEC) in their case against Ripple was denied over the past 24 hours. The CEO of Ripple, Brad Garlinghouse, implied that the court essentially told the SEC they got what they asked for, referring to the SEC’s request for Judge Torres to apply the “Howey” test in the case.
The SEC’s request to file an interlocutory appeal is DENIED. I’m not a lawyer but it seems the Court just told the SEC: You asked me to apply the “Howey” test, I did, and like it or not, you lost. https://t.co/0E4MS0iuRY pic.twitter.com/bkhCpum17n— Brad Garlinghouse (@bgarlinghouse) October 4, 2023
XRP Current Market Standing
Ripple (XRP) is ranked as the sixth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 3.96% increase in price over the last 24 hours, taking its price up to $0.5305 at press time. This also put its total market cap at approximately $28.282 billion.
The 24-hour gain added to XRP’s already-positive weekly performance. Subsequently, the remittance token’s price was up 6.27% over the past 7 days.
The 24-hour uptick in XRP’s price was accompanied by an increase in the altcoin’s 24-hour trading volume. At press time, CoinMarketCap indicated that XRP’s daily trading volume rose 87.12%. As a result, the total volume was estimated to be $1,664,329,107.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
A symmetrical triangle had formed on XRP’s 4-hour chart over the past 12 hours. This specific pattern suggests that the remittance token’s price may enter into a strong move soon. This breakout chart pattern formed after the altcoin’s price was able to break above the $0.5165 mark earlier in today’s trading session.
At press time, XRP was still trading above this significant price point. However, a breakout towards the downside in the next 24-48 hours may lead to the cryptocurrency falling back below the recently-breached level. Thereafter, continued sell pressure may lead to the remittance token’s value continuing to drop to the next key level at $0.4585 if the bearish pressure persists.
This bearish thesis could be invalidated if XRP’s price escapes above the triangle chart pattern in the next 8 hours. In this scenario, the altcoin’s value may break out towards the upside. Subsequently, XRP could attempt to flip the next barrier at $0.5670 into support within the following 24-48 hours.
If XRP is able to close a 4-hour candle above this benchmark in the coming 2 days, then traders may identify this as a bullish signal. As a result, bulls may step in to boost the remittance token’s value to as high as $0.6390 before potentially attempting to elevate XRP above this point as well.
Daily chart for XRP/USDT (Source: TradingView)
Zooming out to the daily timeframe shows that XRP was able to break above the 50-day EMA line through the course of the past 48 hours, and continued to trade above this technical indicator at press time as well. Furthermore, a bullish price channel had formed on the altcoin’s daily chart after it printed a series of higher lows and higher highs over the past 2 weeks.
Should this bullish momentum continue, XRP may continue to rise to the subsequent barrier at $0.5670 in the following 24-48 hours. A potential early indication of this bullish scenario playing out may be if XRP closes today’s daily candle above the aforementioned 50-day EMA line, which was situated at $0.5264 at press time.
Thereafter, traders and investors may want to keep an eye on the 20-day EMA line, which was closing in on the 50-day EMA line. This suggests that XRP’s momentum during the past 20 days was more bullish than that recorded throughout the previous 50 days. Subsequently, the 2 EMA lines crossing may signal a positive shift in XRP’s medium-term momentum.
Should this potential technical flag be validated, the cryptocurrency’s price may have the support needed to overcome the $0.5670 barrier before potentially continuing to rise to $0.6390 in the following fortnight. This bullish thesis may be invalidated if XRP closes today’s trading session below the 50-day EMA line.
In this more bearish scenario, the altcoin’s price may drop to the $0.5160 support level, which was also confluent with the 20-day EMA line. Thereafter, continued sell pressure may lead to XRP breaking out of the positive price channel that had formed on its chart. Should this happen, it will open up the risk of XRP’s price possibly falling to $0.4584.
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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