- The price of Ripple (XRP) experienced a 2% drop in the last 24 hours.
- XRP’s price has entered into a consolidation stage on its 4-hour and daily charts.
- Technical suggests that traders are eagerly awaiting updates from the SEC lawsuit.
Mark Moss, a popular YouTuber, expressed doubt about the positive outlook of the XRP community, arguing that their belief is based on the notion that the cryptocurrency would be in high demand for faster money transfers by banks. He further expressed frustration that banks were choosing XRP over Bitcoin, which he referred to as “freedom money.” This prompted Matt Hamilton, a former director of developer relations at Ripple, to challenge Moss’s viewpoint. Hamilton believes that Moss lacks a comprehensive understanding of XRP and directly questioned his knowledge of the cryptocurrency. Hamilton clarified that XRP is crucial for facilitating the precise movement of value without relying on banks and emphasized that this is the primary objective of cryptocurrencies.
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 2% drop in price in the last 24 hours, taking its price down to $0.5036 at press time. This also puts its total market cap at approximately $26.012 billion at press time.
The 24-hour drop in XRP’s price has pushed the remittance token’s already-negative weekly price performance further into the red. As a result, XRP’s weekly price performance is currently around – 5.99%.
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price is currently trading in a consolidation channel between $0.4923 and $0.5247 on its 4-hour chart after it retraced more than 4% on Saturday morning. The altcoin’s price attempted to break out of the consolidation channel yesterday morning but the attempt failed – causing its price to decline to the lower bound of the current consolidation channel.
In addition, XRP’s price has also lost the support of the 9 and 20 EMA lines on its 4-hour chart and is still trading below the two key EMA lines at press time. These two EMA lines also suggest that XRP is in a short-term bearish cycle currently with the 9 EMA trading below the 20 EMA line.
Despite this, the RSI indicator on XRP’s 4-hour chart is showing a mini bullish flag with the RSI line currently sloped positively toward the overbought territory. Should this mini bullish technical flag be validated in the next 24 hours, the remittance token’s price will likely reclaim a position above the 9 and 20 EMA lines on its 4-hour chart in the next 24-48 hours.
XRP traders and investors may be in limbo as they await more updates from the ongoing lawsuit between Ripple Labs and the SEC. As a result, any positive price movement for XRP in the next two days will most probably be capped at the upper limit of the current price channel, unless there is a positive update relating to the lawsuit before then.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s price is currently resting on the 9 EMA line on its daily chart. Should the altcoin’s price close below this crucial EMA line today it could see XRP’s price drop toward the 20-day EMA line at $0.4757 in the next 24-48 hours. The current wick underneath today’s daily candle suggests that there is bullish support present for XRP, however.
The remittance token’s price has also broken below the positive trend line established on its daily chart, which could be a sign that XRP’s price may be taking a short break from the upward trend that it was in for the last 3 weeks.
Technical indicators on XRP’s chart also show that the bullish momentum is cooling off and suggest that XRP’s price may consolidate for the next 24-48 hours. Currently, the 9-day and 20-day EMA lines have leveled out and the daily RSI line is sloped relatively flat in neutral territory.
On the other hand, a potential indicator that XRP’s price has entered into another leg up will be if XRP’s price closes above $0.5248 in the next 24 hours. Should this happen, then XRP’s price will rise to the next key resistance level at $0.5685.
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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