As a researcher with extensive experience in the crypto market, I’ve closely observed the recent price action of XRP and its correlation with Bitcoin. The 1.5% drop in XRP’s price within the last 24 hours is concerning but not entirely unexpected given the broader market trends.
Analyzing XRP‘s price movement: In the past 24 hours, XRP’s price decreased by approximately 1.5%, currently hovering around $0.47. This decline follows Bitcoin‘s descent from its previous value, edging closer to breaching a significant support level. A potential breakdown of this key support for Bitcoin could lead to negative consequences not only for XRP but also the broader crypto market.
XRP Price Analysis: 148-Day Falling Wedge About to Breakout
The XRP price pattern has transformed into a large reversal formation called a falling wedge, which is very near to rupturing. Beneath it, there lies a robust support zone that has been repeatedly tested during the previous 396-day period.
On the 4-hour chart, XRP‘s price movement lies near the base of its 20-day price range and could potentially rebound from the present support, targeting a revisit to around $0.50.
The XRP price chart indicates a potential bullish breakthrough imminent, as the falling wedge pattern appears to be nearing its limit for downward movement. This upward shift could lead to a significant gain of approximately 55%, bringing the price up to around $0.72.
From a different perspective, the Ripple price movement is currently situated beneath both the 50-day and 200-day simple moving averages on the daily chart, yet it’s not far off from those levels.
The RSI for XRP over the past 14 days is currently at 35, which is only a few points above the oversold threshold. If it drops below this level, there could be an escalation of selling activity preceding a potential price rebound. An oversold zone often marks the end of a downtrend and the beginning of an uptrend.
At present, XRP has a significant support level at $0.45, which is both its highest and strongest. A decline beneath this point might instigate other less robust supports at approximately $0.35 and $0.32.
The cost of XRP could be influenced by various factors, among which are the prospect of an XRP Exchange-Traded Fund (ETF) being authorized, and Ripple’s ongoing legal battle with the U.S. Securities and Exchanges Commission (SEC).
Ripple CEO Slams SEC Chair, as XRP ETF Speculations Increase
Yesterday, Brad Garlinghouse, the CEO of Ripple, criticized SEC Chairman Gary Gensler following his comments at a Bloomberg event where he stated bluntly that crypto executives will end up in prison.
As a seasoned crypto investor, I’ve observed that some of the most prominent figures from a few years back have found themselves in less-than-ideal situations. A few are currently serving time in prison, while others are on the brink of being incarcerated. Still more are waiting for extradition to face charges. It’s a sobering reminder of the risks and uncertainties that come with investing in this dynamic and complex industry.
In a recent tweet on the ex-Twitter platform, Garlinghouse expressed his criticism of certain remarks. He warned that if Gensler’s actions persisted, it could potentially lead Joe Biden to lose the upcoming election.
Absolute nonsense coming from @GaryGensler today.
The person, who infamously missed identifying FTX’s issues and instead formed a close relationship with its CEO, SBF, and was not included in the Department of Justice’s announcement regarding Binance, now spreads unfounded rumors that “all crypto executives are headed to jail.”
If he was really “working for the…
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
Members of the XRP community are likewise pondering the possibility of an Exchange-Traded Fund (ETF) being approved for their asset, following hints from Gensler’s interviews with Bloomberg and the Financial Times that an Ethereum ETF could be on the horizon.
Bottom Line
XRP’s price seems primed for an anticipated increase, driven in part by heightened anticipation surrounding the prospect of an XRP Exchange-Traded Fund (ETF). The potential approval of an ETF could lead to substantial gains for XRP in terms of market value.
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2024-06-27 10:10