XRP Price: Fall To $0.3 Imminent Pre-Bitcoin Halving?

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The cryptocurrency market is continuing to drop below its record-breaking Q1 high of $2.86 trillion due to escalating geopolitical conflicts in the Middle East. Last week, XRP experienced a significant sell-off, reaching a low of $0.43 on Sunday before bouncing back slightly.

Despite reaching $0.5, the surge didn’t persist as selling pressure increased significantly before Bitcoin underwent its third halving event.

After experiencing a weekly decrease of over 21.2%, XRP‘s value versus the US dollar is currently $0.4766 during regular business hours on Wednesday. The price of Bitcoin is similarly decreasing, touching the support level at $60,000 and potentially heading towards $50,000 as concerns of additional drops persist.

Investors experienced significant losses with major cryptocurrencies such as Ethereum taking a hit. At the current moment, Ether’s value had dipped down to $2,950. Over the past week, this digital currency had experienced a decline of approximately 15 percent.

Approximately a quarter (25%) less trading activity, amounting to $1.66 billion, took place in XRP over a 24-hour period, signaling waning enthusiasm from traders.

XRP has moved down to the seventh spot in terms of market capitalization, currently valued at around $26 billion. This places it below Lido Staked Ethereum, a type of token that functions as a stake for Ethereum and maintains its value based on ETH‘s price.

Where Is XRP Price Heading As Crypto Market Flips Bloody

The current price of XRP is attempting to hold above a significant level of support at $0.47. Since last summer, this level has acted as a launchpad for bullish momentum, reversing the trend’s downward trajectory and halting prolonged declines.

If bulls manage to protect the region around $0.47, there’s a good chance that the price will bounce back, leading to a potential route forward to $1.

Even with solid backing, traders should remain vigilant as support levels can lose strength after being put to the test repeatedly.

At prices below $0.47, XRP‘s technical vulnerabilities could significantly amplify, making it an attractive target for short sellers. Some investors might choose to sell at a loss to minimize their exposure to market fluctuations, thereby intensifying the downward trend.

XRP Price: Fall To $0.3 Imminent Pre-Bitcoin Halving?

The RSI’s bearish perspective, with its descent into oversold territory, suggests a firmer bearish hold on XRP. Overcoming this strong bearish pressure for a lasting rally could require significant momentum from XRP.

Looking at the Moving Average Convergence Divergence (MACD) chart for XRP provides further evidence of its downturn in the short term. Once the MACD line falls beneath the signal line and into negative territory, losses become increasingly evident, making a quick recovery less likely.

In April, the anticipated Bitcoin halving could potentially revive the cryptocurrency market. Yet, this recuperation might be dampened by geopolitical conflicts, particularly between Israel and Iran, as well as the wider Middle Eastern region.

The ongoing Ripple vs SEC lawsuit is an important influence shaping the future direction of XRP. Ripple’s legal team intends to submit a reaction against the SEC’s proposed penalty of approximately $2 billion for their alleged involvement in selling unregistered securities to institutional investors.

Despite the court deciding that XRP transactions on exchanges weren’t security sales in July 2023, Ripple still faced questions regarding their direct institutional XRP sales.

An triumph for Ripple could strengthen XRP‘s standing in the marketplace, making it an alluring investment option. Yet, acknowledging the sale of securities directly to institutional investors might lead to numerous lawsuits, entangling the company in legal disputes and potentially dampening XRP’s price.

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2024-04-17 19:54