As a researcher with experience in cryptocurrency markets, I’ve closely observed the recent price movements of XRP and Bitcoin. Based on the available data, it appears that XRP is forming a bearish pennant, which could lead to a potential decline towards $0.35 if the pattern resolves to the downside. This bearish outlook comes despite the recent increase in XRP’s price by 0.6% and Bitcoin’s recovery from its recent drop.
During European trading hours on Wednesday, XRP‘s price rose by 0.6%, reaching $0.435. This uptick occurred with Bitcoin‘s price showing signs of recovery, having increased by 1.8% to approximately $58,100 over the past 24 hours.
XRP Price Forms a Bearish Pennant, Is $0.35 Next Support?
The price of XRP has recently experienced a breakdown from a falling wedge formation, a pattern that typically has a minimal occurrence rate. Yet, when it emerges, it can lead to significant price swings. XRP’s value reached a low of $0.382 following this breakout. Subsequently, the price behavior seems to be shaping up as a bearish pennant, which is a transitional pattern suggesting the possibility of further decreases.
As a financial analyst, I’ve noticed that XRP‘s price action is currently sitting below its 21-day, 50-day, and 200-day simple moving averages (SMAs). These SMAs act as significant resistance levels for the asset. If the bearish pennant pattern breaks to the downside, XRP’s price could potentially slide by around 17% to reach $0.35, with some support found around $0.371. However, if bullish momentum takes over, we might see a push back into the falling wedge, which could lead to testing the resistance at $0.55. Important resistance levels to keep an eye on include $0.45, $0.47, and $0.48.
The price of Bitcoin recovered slightly around the $55,000 to $58,000 mark, but it appears that both Bitcoin and XRP are forming bearish continuation patterns – specifically, bear flags. If this trend continues (as seems likely), the Bitcoin price could decline below its weak support at $50,000 and reach as low as $47,000. This level is significant because it corresponds to a zone of market imbalance (orange) that must be addressed if the price is to rise again.
As a researcher studying Bitcoin’s price movements, I have identified a potential bear flag pattern in the chart. If this pattern holds true, we can expect a continuation of the current downtrend once the price dips below the support level around $53,000. However, should the BTC price defy expectations and surge higher than anticipated, it could potentially invalidate the bear flag. In such a scenario, if the price breaks past the resistance level of $60,000, we may witness an upward trend that propels the price beyond the 200-day Simple Moving Average (SMA) to reach approximately $67,200.
Bitcoin Price Recovers And Ripple-SEC Case Shows Signs of Ending
As a crypto investor, I’m keeping a close eye on the ongoing Ripple-SEC lawsuit, with growing excitement in the community as we approach the final decision date of July 31. By this point, both parties will have had until July 26 to file notices regarding the exclusion or inclusion of expert testimony in their cases.
RIPPLE VS. SEC:
Court Sets Deadlines For Motions And Hearings:
JULY 8: Deadline is set for a narrowed motion to seal
JULY 26: Deadline to file a notice related to exclusion of experts’ testimony
Judge Torres’ final decision is expected by the end of July! #XRP…
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 6, 2024
Bitcoin price recovery happens amid massive whale movements in the crypto space.
Although Bitcoin’s price has rebounded lately, Germany still holds only 22,800 Bitcoins as of July 9th – representing less than half of their initial Bitcoin reserves.
Bottom Line
Although the market is generally upbeat about XRP, its price has yet to reflect this positivity. The disparity between the market’s outlook and XRP’s actual performance indicates a intricate situation shaping XRP’s value. This divergence implies that elements beyond the prevailing optimism might be driving the price fluctuations of XRP.
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2024-07-10 08:14