- The price of XRP dropped 1.70% over the last 24 hours according to CoinMarketCap.
- Technical indicators on XRP’s 4-hour chart suggested that its price would reclaim the $0.4614 support level.
- XRP may experience a breakout soon given that a wedge chart pattern has formed on its daily chart.
Matt Hamilton, former Director of Developer Relations at Ripple, expressed concerns about the case against Ripple following the recent discovery of internal emails from the SEC. He noted that the regulator’s position appears unfavorable based on the available information. However, Hamilton cautioned that the final outcome might not match expectations due to the complexities of the U.S. regulatory and legal system.
Despite Ripple potentially having a valid argument, there remains a chance that the SEC could succeed in the lawsuit. As the case continues, stakeholders and supporters of digital assets are eagerly awaiting further developments. The ultimate determination of XRP’s classification will significantly impact the future of the industry and could shape regulatory frameworks surrounding digital assets.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 1.70% drop in price over the last 24 hours, taking its price down to $0.4624 at press time. This also put its total market cap at approximately $23.987 billion.
In addition, XRP weakened against both of the crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours. At press time, XRP was down 0.72% against BTC and 1.34% against ETH. As a result, 1 XRP was worth 0.00001723 BTC and 0.0002556 ETH.
The 24-hour decrease in XRP’s price had chipped away at its positive weekly price performance. Consequently, the remittance token’s weekly gain stood at 8.04%.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price had attempted to break above the resistance level at $0.4716 over the weekend and was able to do so several times. These successful attempts were short-lived, however, as the remittance token’s price was unable to close a 4-hour candle above the key mark.
The third and final failed attempt late Saturday evening resulted in a trend reversal, as XRP’s price dropped from a high of $0.4719 on Saturday evening to a low of $0.4496 earlier today. During this time, XRP’s price also flipped the $0.4614 support level into resistance. In the past 4 hours, XRP’s price was able to reach $0.4674 but had since retraced to its price at press time.
Technical indicators on XRP’s 4-hour chart suggest that the altcoin’s price will be able to flip the aforementioned $0.4614 level back into support, however. The 9 EMA line was trading bullishly above the 20 EMA line and the gap between the two EMA lines was growing. Furthermore, the RSI line on the 4-hour chart was steeply sloped toward the overbought territory, which is another bullish sign.
All of these technical flags suggested that bulls had stepped in to revive XRP’s price. Should these bullish flags be validated, XRP’s price will proceed to flip $0.4614 into support and will likely attempt to challenge the $0.4716 resistance once again. A confirmation of this bullish thesis will be when the RSI line on the 4-hour chart crosses above the RSI SMA line.
On the other hand, if XRP’s price fails to close today’s trading session above $0.4614 then it is at risk of dropping to the next support level at $0.4499. A confirmation of this bearish thesis will be when the 9 EMA line on the 4-hour chart crosses below the 20 EMA line on the 4-hour chart.
Daily chart for XRP/USDT (Source: TradingView)
A breakout may be on the cards for XRP in the short term given that a wedge pattern has formed on its daily chart. There was no confirmation of which direction the altcoin’s breakout will be in at press time. However, several technical flags on XRP’s daily chart hinted that it may be a bullish breakout.
XRP’s price was trading above the 9-day EMA and 20-day EMA lines, and was trading closer to the upper level of the wedge chart pattern. In addition to this, the 9-day EMA line had recently crossed bullishly above the 20-day EMA line. Lastly, the daily RSI line was bullishly sloped toward the overbought territory and was trading above the RSI SMA line.
It will take between 2-4 days for the breakout foreshadowed on XRP’s daily chart to play out, unless, of course, XRP’s price breaks out of the wedge pattern before then. Should it be a bullish breakout, the crypto’s price will likely climb to as high as $0.5325. Conversely, a bearish breakout will result in XRP’s price dropping to $0.36 in the short term.
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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