As an experienced analyst, I believe that XRP‘s recent price action suggests weak bullish momentum, which may lead to an 18% pullback towards the $0.34 support level. Although XRP has seen a modest rise in the past 24 hours, the resistance at the $0.45 level remains strong. The RSI is also trending near the oversold region, indicating high selling momentum.
Over the past 24 hours, XRP‘s price has climbed by 3.3%, peaking at $0.434 during European trading on Tuesday. However, this growth has been met with resistance at the $0.45 mark, preventing further advancement for now. With present market trends keeping XRP under this benchmark, potential investors may wish to consider accumulating more of the asset at potentially lower costs.
XRP Price Analysis: Weak Bullish Momentum Hints At An 18% Pullback
After the latest Bitcoin sell-off caused widespread fear in the crypto market, XRP‘s price took a downturn on July 4th, dropping to a low of $0.382 within its holding range. However, the price soon bounced back up and hovered around $0.43. With Bitcoin’s price currently rising, XRP has followed suit and exhibited similar positive movements.
As an analyst, I’ve observed that XRP‘s price action lies beneath its 21-day, 50-day, and 200-day simple moving averages. Among these, the 21-day SMA serves as the closest resistance for XRP, approximately at $0.445. Additionally, the relative strength index (RSI 14) of XRP is hovering close to the oversold region, around 38.
XRP’s current price sits on shaky ground with no significant historical precedent for this value. According to predictions, there’s a potential 7% increase in XRP‘s value, pushing it towards the 21-day Simple Moving Average (SMA). If the bullish trend prevails, XRP could surpass both the 50-day ($0.484) and 200-day ($0.531) SMAs, potentially reaching the upper boundary of the range at around $0.545.
If the bears gain control instead, XRP could potentially decrease by approximately 18% from its current price to reach a bottom of $0.34 – a significant support level for the asset. Other notable support levels that may come into play during this potential downturn are $0.40 and $0.36.
Court Reveals A Date that Could Impact XRP Price
The court has set a significant date for additional motions and hearings regarding unfilled disputes in the Ripple lawsuit. On this date, July 26, Ripple’s legal motions will be under consideration, which could potentially impact the value of XRP.
American attorney Fred Rispoli anticipates that July 31 could represent a pivotal moment in the Ripple legal case, possibly indicating its conclusion.
As a crypto investor, I had initially anticipated that the ruling would be handed down by June 20. However, I’ve recently learned that it has been postponed once more.
— Crypto Moon Amsterdam (@CryptoAms020) July 2, 2024
Rispoli also anticipates a penalty of no more than $25 million and no disgorgement.
Bottom Line
The possibility of XRP‘s price dropping down to $0.35 could pique the interest of investors. At this price point, some view it as an attractive purchasing opportunity. Market observers believe that a bounce-back might occur after hitting this support level.
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2024-07-09 10:46