As a seasoned crypto investor with a keen interest in XRP, I’ve witnessed its ups and downs over the years. The recent 0.9% drop in XRP price to $0.474 within a day has me concerned, especially given Bitcoin’s precarious position hovering just above the $60,000 mark.
As a crypto investor, I’ve noticed that XRP‘s value dipped 0.9% in the past 24 hours, reaching a price of $0.474 during European trading hours on Wednesday. This downturn in XRP’s price is occurring amidst Bitcoin‘s struggle to reclaim its $60,000 support after a significant drop on Monday. At the moment, Bitcoin is hovering around $61,956.
XRP Price May Hit $0.54 If this Chart Pattern Completes Forming
As an analyst, I’ve observed that the price of XRP departed downwards from a symmetrical triangle formation on June 7th. Taking a step back, this triangle pattern was indicative of a bearish market scenario. The XRP price bounced back to find support around $0.45 prior to revisiting the lower boundary of the symmetrical triangle and subsequently continuing its descent, as per CoinGecko data. This development mirrors the textbook breakdown and retest trend in technical analysis.
XRP’s price is currently underperforming its 50-day and 200-day moving averages, with the 50-day serving as a barrier near $0.5.
The current price of XRP holds significant importance. Some elements of its chart suggest the potential development of a double bottom formation, while other aspects indicate further declines may be in store for this asset.
As a crypto investor, I believe that if the price of XRP forms a double bottom pattern, we could see a significant rally of around 14%, pushing the price up to approximately $0.54. Conversely, should the price action breach the current support level, XRP may continue its downtrend and potentially reach a low of $0.42 before rebounding.
The XRP chart presents a highly optimistic outlook for the month ahead, potentially driving the price up to an impressive $700. Yet, the outcome of their ongoing legal battle significantly influences this forecast.
In the early hours of Monday, the Bitcoin price dipped beneath the significant support of $60,000, triggering anxiety throughout the cryptocurrency market. However, buyers stepped in promptly, lifting the price back over this critical threshold.
Despite the current downward trend, the Bitcoin price remains below its 50-day moving average, while the relative strength index hovers only slightly above the oversold threshold.
In simpler terms, the moving average of shares traded over the past 200 days at around $60,000 acts as a robust line of defense, adding strength to the existing support in this price range.
Ripple-SEC Settlement Could Arrive as Early as July
The SEC and Ripple have been instructed to rework the confidential sections of their court filings.
Parties involved have till the 8th of July to present revised documents in court. A judgment is imminent, paving the way for a potentially groundbreaking resolution.
MekaMark, an analyst at TA, predicts that XRP could see a return of between 100 and 300 times its current value within the next 24 months. Furthermore, he anticipates that XRP may reach prices ranging from $30 to $32 in the near future, unless Ripple faces unfavorable outcomes in its ongoing legal battle with the Securities and Exchange Commission (S.E.C).
Bottom Line
The price of XRP has remained low for an extended period, with only modest increases while many other projects experience significant price surges. The resolution of the ongoing legal dispute could lead to substantial price fluctuations for this digital asset.
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2024-06-26 08:00