XRP price extended losses below the $0.5220 support zone. It tested the $0.5120 support and now attempting another recovery wave toward $0.550. XRP is struggling to start a fresh increase above the $0.5320 resistance zone. The price is now trading below $0.530 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if the price stays below $0.5320. XRP Price Dips Further XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The bears were able to push the price below the key support at $0.5220. Finally, the price tested the $0.5120 support zone. A low was formed at $0.5126 and the price is now attempting a fresh recovery wave. There was a move above the $0.5165 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low. However, the price is still trading below $0.530 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5220 level. There is also a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5265 or the 50% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low. A close above the $0.5265 resistance zone could send the price higher. The next key resistance is near $0.5320. If there is a close above the $0.5320 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5220 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5150 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5120 and $0.500. Major Resistance Levels – $0.5220 and $0.5320.
As a recent Messari report outlined, the XRP Ledger (XRPL) showcased notable progress during the first quarter of 2024. The decentralized public blockchain, which facilitates the transfer of XRP, fiat currencies, and other digital assets, has demonstrated substantial activity. XRP Ledger Burn Rate Slows Amid Low Fees During Q1 2024, XRP, the native token of the XRPL, secured its position as the sixth largest cryptocurrency by market capitalization, reaching $34.1 billion (currently $29M). Despite a slight price decrease, XRP’s circulating market cap witnessed a 1.3% growth quarter-over-quarter (QoQ). Related Reading: Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment Turns Red Hot The XRPL employs a deflationary mechanism by systematically burning transaction fees. This process exerts downward pressure on the total supply of XRP, which stands at 100 billion tokens. Since the inception of the XRP Ledger, approximately 12 million XRP have been burned. However, the low burn rate during Q1 can be attributed to the network’s relatively low transaction fees (less than $0.002 per transaction). Additionally, 1 billion XRP is released from escrow to Ripple each month, with any unutilized tokens being placed into new escrow contracts. This pattern will continue until the remaining approximately 45 billion XRP becomes liquid; at this point, the deflationary pressure from burned fees will be the primary variable affecting supply. While XRP’s price decreased marginally 0.1% QoQ, lagging behind the overall crypto market’s 63.0% increase, it rose 14.8% year over year (YoY). Inscription-Fueled Transactions Propel XRPL Daily Payments The report highlights that revenue in the XRPL is measured as total fees collected by the network, which are subsequently burned, contributing to the redistribution of wealth from transaction fee spenders to XRP holders. Network activity showed significant growth, with active addresses and transactions increasing by 37% and 113% QoQ, respectively. A substantial portion of transaction activity on the XRPL stemmed from inscriptions, a transaction type popularized in early 2023. Over 30 million transactions were sent to a single account by approximately 45,000 accounts engaged in inscription-related activities. According to Messari, inscriptions, facilitated by XRP Script, played a key role in driving the surge in daily payments, which soared 350% QoQ to 2 million transactions. Related Reading: $2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed? Lastly, the report notes that the XRP Ledger blockchain witnessed a net increase of 150,000 accounts, driving the total number of accounts up by 3.1% to 5.15 million in Q1. However, new addresses decreased 12.4% QoQ to 183,000, primarily due to the high number of addresses created in Q4, coinciding with the inception of inscription activity. As of press time, XRP is valued at $0.5279, down 2.5% in the past 24 hours and 3.5% in the past seven days, which is in line with the broader market trend. Featured image from Shutterstock, chart from TradingView.com
XRP price is moving lower below $0.5350 support zone. It is now testing key support at $0.5220 and remains at risk of more downsides. XRP is struggling to gain bullish momentum above the $0.5350 resistance zone. The price is now trading below $0.530 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase unless the bears push the price below $0.5220. XRP Price Revisits Support In the past two sessions, XRP price saw a bearish move below the $0.5320 zone like Bitcoin and Ethereum. The price declined below the $0.5250 support zone before the bulls emerged. A low was formed at $0.5212 and the price is now consolidating losses. It made a recovery attempt above the 23.6% Fib retracement level of the downward move from the $0.5405 swing high to the $0.5212 low. However, the bears are active near the $0.5300 zone. There is also a connecting bearish trend line forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair. The price is now trading below $0.530 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5265 level. The first key resistance is near $0.5320 or the 61.8% Fib retracement level of the downward move from the $0.5405 swing high to the $0.5212 low. A close above the $0.5320 resistance zone could send the price higher. The next key resistance is near $0.540. If there is a close above the $0.540 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5320 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5220 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.50 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5220 and $0.5120. Major Resistance Levels – $0.530 and $0.5320.
In a strikingly optimistic forecast amidst favorable market conditions, cryptocurrency analyst and trader Edrag Crypto, has provided a bullish review for XRP, predicting that a massive run for the digital asset could be on the horizon. The analysis explores a confluence of positive market indicators and trends that demonstrates the potential for XRP to attract significant price surges and gains, positioning the coin as a promising asset in the ever-evolving world of cryptocurrency. Edrag Crypto’s bullish prediction for XRP is based on a Genuine Wake-Up line previously introduced by the expert, divided into two distinct sections, such as Break-out and Atlas Line. XRP Poised For Substantial Growth The analyst has expressed that while this wake-up line saw a successful breakout last year, it could not reach the heights anticipated by the analyst then. “Many moons back, I introduced the ‘Final Wake Up Line,’ which saw a breakout in July 2023. Yet, it didn’t quite soar to the heights we hoped for,” he stated. Related Reading: XRP Declares War On Uncertainty: Analyst Predicts Breakout Fueled By Regulation However, Edrag Crypto spotted a new development on XRP’s chart two weeks ago, which he indicated as a white triangle. According to the analyst, highs from 2021 are being incorporated into the white triangle. At that time, for XRP to witness a complete upward swing, it needed to break through the Genuine wake-up line with absolute conviction and then retest. Consequently, Edrag Crypto urged the community to remain firm, putting his wave 1 target at $7.5 and wave 3 at a 3-digit target, within the Macro wave 3. Presently, addressing the break-out aspect, the analyst has noted that the white triangle break-out is in perfect alignment with the Fibonacci 0.702 – 0.786 levels and his previous charts. It is expected that the measured move will be between $1.2 and $1.5, while the crucial break-out point is closer to $0.70 or $0.75. Due to this, Egrag Crypto affirms that XRP will see a breakout from the point in the upcoming weeks. Despite the possibility of a retest of the breakout, the expert believes that a mega run for the crypto asset is imminent. The Atlas Line Delving into the Atlas Line aspect, Egrag Crypto underscored XRP’s resilience in this area. According to the analyst, the asset is dominating the atlas line with a solid grip like a boss. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November He further pointed out a quick timeframe analysis revealing resistance at $0.5777, support at $0.5000, and a break-out point at $0.6799. Edrag Crypto’s prognosis has captured investors’ and enthusiasts’ attention alike, as they closely monitor these developments. At the time of writing, XRP was trading at $0.5284, indicating a 3% rise in the past week. While its market cap has reduced by about 1.28%, its trading volume has seen positive movement of more than 36% in the past day. Featured image from Shutterstock, chart from Tradingview.com
XRP price again struggled to continue higher above the $0.5450 resistance. It is now moving lower and might test the $0.512 support zone. XRP is showing a few bearish signs from the $0.5420 zone. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. There was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bearish momentum if it stays below the $0.5420 resistance zone. XRP Price Faces Rejection After a close above the $0.5320 level, XRP price extended its increase like Bitcoin and Ethereum. However, the bears were active near the $0.5420 resistance zone. A high was formed at $0.5422 and the price started a downside correction. There was a move below the $0.5320 support zone and the 23.6% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high. Besides, there was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair. The pair is now trading below $0.5350 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5320 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5550 resistance. Any more gains might send the price toward the $0.5740 resistance. More Losses? If XRP fails to clear the $0.5420 resistance zone, it could start another decline within the range. Initial support on the downside is near the $0.5225 level and the 50% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.5025 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5225 and $0.5120. Major Resistance Levels – $0.5320 and $0.5420.
XRP price extended its decline below the $0.520 support. The price is now trading in a range and eyeing an upside break above the $0.5320 resistance. XRP extended losses and declined below the $0.5120 support. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5365 resistance zone. XRP Price Holds Ground In the past two sessions, XRP price saw a steady decline below the $0.5320 level. There were a few swing moves like Bitcoin and Ethereum. The price even spiked below the $0.5120 support zone. A low was formed at $0.5028 and the price is now correcting losses. There was a move above the $0.5200 and $0.5250 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low. The price is back above $0.5250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5320 level. There is also a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5365 or the 76.4% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low. A close above the $0.5365 resistance zone could send the price higher. The next key resistance is near $0.5480. If the bulls push the price above the $0.5480 resistance level, there could be a steady increase toward the $0.5570 resistance. Any more gains might send the price toward the $0.5800 resistance. Another Decline? If XRP fails to clear the $0.5320 resistance zone, it could start another decline within the range. Initial support on the downside is near the $0.5250 level and the 100 hourly SMA. The next major support is at $0.5140. If there is a downside break and a close below the $0.5140 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.5030 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5250 and $0.5140. Major Resistance Levels – $0.5320 and $0.5365.
US-based cryptocurrency exchange Coinbase has made a significant move by reopening XRP trading for New York users despite the ongoing legal dispute between the decentralized platform Ripple and the US Securities and Exchange Commission (SEC). This decision marks a bold step for Coinbase, which had previously suspended XRP trading following the SEC’s lawsuit against Ripple. […]
XRP price started a fresh decline after it failed near $0.5570. The price is now correcting gains and might decline heavily if it breaks the 100-hourly SMA. XRP struggled near the $0.5570 zone and trimmed gains. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair must stay above the 100-hourly SMA to avoid a sharp decline. XRP Price Dips Again After a steady increase, XRP price faced resistance near $0.5570. The price formed a short-term top and started a fresh decline from $0.5571, like Bitcoin and Ethereum. There was a move below the $0.5420 level. The price dipped below the 50% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. The price even spiked below the $0.5250 support and the 100-hourly Simple Moving Average. However, the bulls are protecting the 61.8% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. It is now trading above $0.5250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5310 level. There is also a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5350. A close above the $0.5350 resistance zone could send the price higher. The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5570 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5350 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5250 level and the 100 hourly SMA. The next major support is at $0.5185. If there is a downside break and a close below the $0.5185 level, the price might gain bearish momentum. In the stated case, the price could decline and test the $0.5065 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5250 and $0.5185. Major Resistance Levels – $0.5350 and $0.5450.
A crypto analyst has predicted the next price target for the XRP price, noting that the altcoin was nearing a key point that could potentially trigger a major bull rally for the cryptocurrency. XRP Price Roadmap to $20 In an X (formerly Twitter) post on May 20, Crypto analyst, Javon Marks forecasted a strong bullish breakout for the XRP price in this market cycle. Marks explained that XRP was steadily approaching a critical converging point, with an emerging Relative Strength Index (RSI) pattern indicating strong underlying momentum for the cryptocurrency. Related Reading: Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000? An RSI is a technical tool used to measure the speed and change of price movements in a cryptocurrency. It is also used to determine the short-term momentum of a cryptocurrency’s market. Sharing a price chart depicting the XRP price movements from 2018 to 2025, the analyst predicts that XRP’s closing converging point and RSI pattern are signaling a massive breakout to new all-time highs. He has projected a “conservative” target that could see XRP’s price soaring between $15 and $20 in the coming weeks. Additionally, XRP’s present price actions are displaying a bullish pattern reminiscent of the one observed during its mega rally to a new all-time high of $3.84 in January 2018. Marks noted that for XRP to reach the ambitious $20 price target, the cryptocurrency would have to witness a massive surge of 2,000% to 3,000%, translating to 20X to 36X from its current price. Concluding his analysis, the crypto analyst disclosed that all the factors and indicators were pointing towards a potential rise in XRP’s price. However, the exact timing of when this will occur is uncertain. More Bullish Projections For XRP XRP has been drawing significant attention from market analysts, who are projecting increasingly bullish price movements for the cryptocurrency. Despite its struggles to reach the coveted $1, the XRP price has still exhibited some strength as it continues to maintain a price position around the $0.5 mark. Related Reading: Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead Prominent XRP supporter and crypto analyst identified as ‘JackTheRippler,’ on X predicts that XRP is poised for an explosive rally after years of accumulation. Sharing a price chart illustrating XRP’s price action from 2017 to 2024, the crypto analyst revealed indicators that suggested a potential rise to new highs. Another XRP community member and crypto analyst identified as ‘XRP Captain,’ has also confirmed a potential breakout for the cryptocurrency. He disclosed that XRP’s next target will likely be $0.7 before June 2024. At the time of writing, XRP’s price is trading at $0.53, marking a decline of 1.06% in the last 24 hours, according to CoinMarketCap. Over the past seven days, the cryptocurrency has performed relatively well, recording a series of minor rallies that contributed to a 6.67% gain. A bullish breakout for XRP will require sustained momentum and increased trading activities from investors. Currently, the cryptocurrency’s daily trading volume has not demonstrated significant growth, indicating only a slight increase of 3.25% in the last 24 hours. Featured image created with Dall.E, chart from Tradingview.com
Could the US Federal Reserve’s potential pivot on inflation be the catalyst for a multi-trillion dollar surge in the cryptocurrency market? That’s the bullish prediction from some of Wall Street’s top analysts as they eye a seismic shift in monetary policy. Related Reading: Investors Pile Into Bitcoin: Over $1 Billion Inflows Fuel ETF Rally, Price […]
XRP price extended its increase above the $0.5450 resistance. The price is now correcting gains and might remain strong above the 100-hourly SMA. XRP extended its increase above the $0.5450 resistance zone. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is correcting gains, but there could be a fresh increase unless there is a close below the 100-hourly SMA. XRP Price Holds Ground After a close above the $0.520 level, XRP price remained in a positive zone, like Bitcoin and Ethereum. It cleared the $0.5320 and $0.5450 resistance levels. There was also a spike above the $0.550 level. A new weekly high was formed at $0.5571, and the price is now correcting gains. There was a move below the $0.5450 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high. It is now trading above $0.530 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair. Immediate resistance is near the $0.5380 level. The first key resistance is near $0.5450. A close above the $0.5450 resistance zone could send the price higher. The next key resistance is near $0.5570. If the bulls push the price above the $0.5570 resistance level, there could be a steady increase toward the $0.5650 resistance. Any more gains might send the price toward the $0.5720 resistance. More Losses? If XRP fails to clear the $0.5450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5330 level and the trend line. It is close to the 50% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high. The next major support is at $0.5250. The main support is now near $0.5185. If there is a downside break and a close below the $0.5185 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.5065 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5330 and $0.5185. Major Resistance Levels – $0.5450 and $0.5570.
Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024. The report sheds light on XRP’s soaring trading volume. It also highlights updates on the on-chain performance and recent technical developments of the XRPL ecosystem. Related Reading: NFT Market Crashes: 95% Of Assets Become Worthless XRP Spot Volume Surges According […]
On-chain data shows that XRP and Cardano whales have been accumulating recently, which can be bullish for the prices of these altcoins. XRP & Cardano Whales Have Gone On A Buying Spree Recently As analyst Ali explained in a new post on X, XRP whales have seen their holdings go up over the last couple of weeks. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of assets the different market groups hold. Related Reading: Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns The whale cohort is of interest in the current discussion. These investors hold between 1 million and 10 million XRP in their balance. At the current exchange rate, these amounts are worth around $0.52 million and $5.2 million, respectively. Clearly, these are pretty significant holdings, which is why whales are considered influential in the market. Now, here is a chart that shows how the Supply Distribution of the entities belonging to this XRP group has looked like recently: The graph shows that while the XRP price has been stuck in consolidation during the last couple of weeks, the whales have been viewing the opportunity as a buying one. These humongous investors have scooped up over 110 million cryptocurrency tokens (equivalent to almost $57 million) inside this window. This buying scale isn’t particularly massive, but the fact that these investors have been backing the coin through this poor period should be an optimistic sign. It would also appear that XRP isn’t the only one on the large holders’ radar recently. Market intelligence platform IntoTheBlock revealed in an X post that Cardano has also seen a significant buying push. In the above chart, IntoTheBlock displays the holdings of the Cardano investors, which are between 100 million and 1 billion ADA. This range’s bounds convert to about $45.3 million and $453 million, respectively, so these whales would be much more massive than the XRP ones just discussed. As is apparent from the graph, these ADA entities have expanded their holdings over the past month. More particularly, their supply has grown by 11% in this period, which, when considering the scale of the total holdings of this group, is an enormous increase. According to the analytics firm, these Cardano whales now control 6.71% of the entire circulating supply of the cryptocurrency all by themselves. Related Reading: Bitcoin Hash Ribbons Form Capitulation Signal: What It Means This latest buying push towards XRP and ADA from the whales simultaneously could be a potential sign that these large entities are expecting an altcoin rally soon. Given that Cardano has seen it happen at a much more significant scale, the coin could likely see better returns than XRP if a surge does happen. XRP Price XRP has displayed stale price action recently, as its price has continued to move sideways around the $0.52 level. Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
A crypto analyst identified as ‘Egrag Crypto’ has recently taken to X (formerly Twitter) to issue a warning to XRP investors regarding a potential bear market that could trigger a massive correction for the price of XRP. XRP Holders Prepare For More Declines In 2025 According to Egrag Crypto, XRP is expected to enter a steep bear market stage in 2025. The analyst based his predictions on a technical analysis tool he called the “Gaussian Channel,” revealing three distinct technical phases for XRP, including a Green A, Green B and Green C phase. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish He noted that the bearish phase in Green A had already been completed. However, the Green B phase is expected to end by June 2025, and Green C is anticipated to conclude by January 2025. The analyst further emphasized that the aforementioned dates do not represent cycle tops but indicate the beginning of a “deep bear market phase.” He also revealed that the Gaussian Channel was a technical analysis tool used to visualize price movements of cryptocurrencies around a mean average price. The purpose of the tool is to help identify volatility, risks, and certain support and resistance levels. Additionally, analyzing the historical trends and durations of the green phases provided by the Gaussian Channel provides valuable insights that can be used to interpret future price movements. Presently, the price of XRP has remained relatively unchanged for the past few months, primarily consolidating around the $0.5 mark without witnessing any significant momentum. This lackluster performance can be attributed to the ongoing legal challenges the cryptocurrency has faced with the United States Securities and Exchange Commission (SEC) over the past four years. While Egrag crypto anticipates more bearish sentiment for XRP in the coming year, the crypto analyst also suggests that the next 3 to 12 months could present critical trading opportunities as the market evolves. He cautions XRP holders to remain vigilant and prepared for potential market volatility, which could lead to a “life-changing window.” Analyst Highlights XRP’s Resilience In a previous X post, Egrag Crypto maintained an optimistic outlook for the price of XRP. He emphasized the cryptocurrency’s strength and resilience, noting that XRP was indicating strong bullish signals in its price fundamentals. Related Reading: Bitcoin Analyst Reveals Why $57,938 Is The Level To Watch This Week He revealed that if XRP can maintain a critical position within the “Launching Channel,” a trading pattern identified by partial wicking candles and ascending consolidation, the cryptocurrency could see its value potentially surging to $6.4. Related Reading: Bitcoin Long-Term Holders Buy The Blood, Snatch Up 70,000 BTC At the time of writing, the price of XRP is trading at $0.51, reflecting an increase of 3.51%, over the past 24 hours, according to CoinMarketCap. Egrag Crypto has advised the broader XRP community to remain “calm and steady,” as the next three to six months could present significant opportunities for investors. Chart from Tradingview.com
XRP price is attempting a fresh increase above the $0.5050 resistance. The price could gain bullish momentum if it clears the $0.520 resistance. XRP is eyeing a steady move above the $0.520 level. The price is now trading above $0.5120 and the 100-hourly Simple Moving Average. There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if there is a close above the $0.520 resistance. XRP Price Eyes Breakout Yesterday, we saw how XRP price started a recovery wave, like Bitcoin and Ethereum. The price was able to settle above the $0.4950 and $0.50 resistance levels. There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5150 resistance level and settled above the 100-hourly Simple Moving Average. It traded as high as $0.5195 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. The price is also trading above $0.5120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5185 level. The first key resistance is near $0.5200. A close above the $0.5200 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. Another Decline? If XRP fails to clear the $0.520 resistance zone, it could start another decline. Initial support on the downside is near the $0.5145 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.5050 support zone or the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5120 and $0.5050. Major Resistance Levels – $0.5200 and $0.5220.
Crypto analysts continue to be super bullish on the future of the XRP price despite its poor performance in the past. However, while some analysts have predicted price targets that, to many, seem unrealistic, others have set more conservative targets. This is the case of crypto analyst Alan Santana, who just unveiled his 6-month prediction for the XRP price. XRP Price Is Ready For A Bullish Wave Alan Santana took to the TradingView website to share his latest analysis on the XRP price. This prediction is expected to play out over the next six months as the crypto market heads into what is expected to be an explosive bull rally. Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 The crypto analyst believes that in this cycle, the altcoin may find its price moving well ahead of other altcoins. “it is likely to be one of the first to move… One of the first to move big!” the analyst said. Santana also gives reasons for this, one of them being that the waiting period between each bullish wave for the XRP price has elapsed. His analysis showed that the altcoin has usually seen a 6-8-month gap between each bullish wave. However, it had been 308 days since it saw its last bullish wave, which is well over 10 months. This means that the altcoin is more than ready for another bullish wave. He also added, “The fact that XRPUSDT went through a correction and has been consolidating for this long is considered bullish.” Furthermore, the altcoin has been on a bullish trend, recording higher lows. This is usually bullish for any asset as it suggests better support for the price as it moves upward. “Higher lows means that the bulls have the upper hand when it comes to the long-term trajectory of this chart,” Santana explained. XRP Can Move 280% In 2024-2025 The crypto analyst expects a rather rapid bullish wave for the XRP price and stated that he expects this to happen sometime in 2024 and 2025. The main reason behind this is that the accumulation phase for the altcoin is finally coming to an end. This is a sentiment that has also been shared by another crypto analyst known as U-Copy. According to the analyst, the XRP price had been in accumulation for the last seven years, but it has finally come to an end in 2024, and this end in the accumulation phase will lead to a rally. Related Reading: Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When While U-Copy expects the altcoin to hit a new all-time high price as this accumulation phase comes to an end, which would be an at least 600% move from here, Santana has taken a more conservative stance. The analyst does expect the XRP price to break above $1, but puts the peak around $1.9 and $2. This would mean a 280-300% move from here. “Once it starts going, it will go really strong and for a very long while… People will be wondering, ‘why didn’t I buy when prices were low?’,” the analyst concluded. Featured image from CoinMarketCap, chart from Tradingview.com
XRP, the cryptocurrency associated with Ripple, has been locked in a lengthy period of consolidation, trading between $0.300 and $0.600 for the past seven years. Despite a brief surge during the 2021 bull run that saw XRP reach a three-year high of $1.9 in April, the token has since returned to its range, lacking the bullish momentum to overcome upper resistance levels. However, some crypto analysts are now predicting a major uptrend for XRP in the coming months, potentially propelling it to new heights. Analysts Anticipate XRP Breakout A technical analyst using the pseudonym “U-COPY” on the social media site X (formerly Twitter) suggests that XRP could experience significant movement between May 15 and August. U-COPY points out that XRP has been slowly moving up from its previous low at $0.46 and is nearing the end of a long triangle formation, which has been in accumulation since 2018. The analyst believes that XRP’s real potential will be revealed in the fully formed bull cycle, with the token possibly experiencing substantial growth by the end of the year. Related Reading: Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When Supporting this bullish outlook, another analyst, Armando Pantoja, proposes that the crypto bull run could begin in September or October 2025, with XRP potentially reaching a price of $0.75. Pantoja further suggests that if former US President Trump wins the election and the Securities and Exchange Commission (SEC) eases its stance on cryptocurrencies, XRP could be propelled to higher levels. This change in regulatory dynamics, combined with the ongoing legal battle between Ripple and the SEC, may increase the likelihood of XRP gaining approval for an exchange-traded fund (ETF) similar to Bitcoin. Pantoja outlines a price range of $1-2 for an XRP ETF announcement in early 2025. If interest rates are cut multiple times during the same period, XRP could potentially reach $5-10. Ultimately, Pantoja predicts the possibility of XRP hitting $10-$20 by the fourth quarter of 2025 or the first quarter of 2026. ‘Buy the Dip’ Opportunity? According to market intelligence platform Santiment, The XRP Ledger (XRPL) has recently witnessed a notable increase in the movement of dormant tokens, signaling a potential shift in market dynamics for the token. Coinciding with the opening of May, the company’s Token Age Consumed metric reveals a spike in the transfer of old coins, reminiscent of a similar occurrence in April, just before a significant downturn in the market. During that period, XRP experienced a sharp decline in value, dropping by 16%. However, in contrast to the previous event, Santiment suggests that there is a “compelling argument” that this current surge in old coin movement might be attributed to the interest of key stakeholders looking to “buy the dip.” Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 Furthermore, it is worth noting the growing open interest in exchanges, which has recently reached a three-week high. This uptick in open interest indicates increased active positions in XRP, potentially reflecting growing market participation and heightened trading activity. Considering these factors together—the surge in dormant token activity, the potential buy-the-dip interest from key stakeholders, and the rising open interest on exchanges—there appears to be a shift in sentiment surrounding XRP. At press time, the seventh-largest cryptocurrency trades at $0.5020, down over 7% in the past week alone and 1% in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com
XRP price is attempting a recovery wave from the $0.4865 support. The price could gain bullish momentum if it clears the $0.5120 resistance. XRP remained stable and started a recovery wave above $0.500. The price is now trading above $0.5050 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a decent increase if there is a close above the $0.5120 resistance. XRP Price Reclaims $0.50 After a steady decline, XRP price found support near the $0.4865 zone. A low was formed at $0.4864 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels. Besides, there was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even spiked above $0.5100. A high was formed at $0.5120 and the price is now consolidating gains. There was a test of the 23.6% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. The price is now trading above $0.5050 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5085 level. The first key resistance is near $0.5120. A close above the $0.5120 resistance zone could spark a strong increase. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. Another Decline? If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.5050 level and the 100-hourly Simple Moving Average. The next major support is at $0.50 or the 50% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. If there is a downside break and a close below the $0.50 level, the price might accelerate lower. In the stated case, the price could retest the $0.4865 support zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.500 and $0.4865. Major Resistance Levels – $0.5120 and $0.5220.
A crypto analyst has predicted a substantial bullish surge for the the XRP price in the future. According to the analyst, XRP is gearing up for a substantial increase to $33.5 from an initial price of $0.50. He expects the price of the cryptocurrency to explode by 6600% in this current market cycle. Analyst Forecasts Exponential Rise In XRP Price In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Egrag Crypto,’ revealed a series of bullish price targets for XRP in the near future. The analyst focused his predictions on a technical analysis called “the Line of Hestia.” Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Egrag Crypto’s latest findings suggest that XRP could rise to $33.5 if it touches the Line of Hestia, a technical indicator featuring an ascending trend line which signals a potential upsurge for the price of a cryptocurrency. According to the analyst, “Historical data indicates that every time the XRP price touches the “Line of Hestia,” it experiences significant price pumps.” This implies that there may be a correlation between XRP’s bullish price movements and the ascending trend line. Egrag Crypto also revealed that following this historical pattern, XRP has witnessed pumps ranging from 6600%,1444%, 100%, 80%, and 171%. Given the established trend, Egrag Crypto predicts XRP’s ascent to new all-time highs. He calculated the average percentage increase of XRP’s price each time it touched the Line of Hestia, dividing the sum by the total number of occurrences, which is five. Using this data, the crypto analyst estimates that if XRP were to experience a 6600% increase, its future price would be $33.50. Similarly, he calculated new prices for XRP based on the previous percentages. It’s important to note that the price of XRP, at the time of writing, is trading at $0.5. The cryptocurrency has been recording considerable declines over the past year, consolidating around the $0.5 price mark for months. According to CoinMarketCap, XRP has also recorded a 7.35% decrease over the past seven days and a 0.08% decline in the last 24 hours. Although Egrag Crypto has remained optimistic about XRP’s future price, other crypto community members have expressed skepticism over the analyst’s ambitious forecast. A few community members have denied the prediction, emphasizing that the cryptocurrency’s surge to $33.5 during this cycle was highly unlikely. Possible Price Correction Ahead Of Projected Surge In one of his most recent X posts, Egrag Crypto disclosed that XRP could witness a major price correction before experiencing a significant rally. The analyst has urged crypto investors to remain cautious of the cryptocurrency unless the XRP/BTC ratio closes above the $0.00010 threshold. Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 Egrag Crypto anticipates a potential 45% decline for XRP/BTC, emphasizing that this substantial price drop could indicate a bottom between $0.0000055 and $0.0000077. However, he also disclosed that overcoming resistance at $0.00001 would be crucial for a rebound in XRP. Token price at $0.5 | Source: XRPUSDT on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com
Expectations for the XRP price have fluctuated greatly in the last year, mostly due to the uncertainty that continues to cloud the Ripple legal battle with the United States Securities and Exchange Commission (SEC). However, bullishness has prevailed despite the altcoin’s disappointing performance in 2024, with one analyst pretending an end to what has been […]
XRP price started a fresh decline from the $0.5050 resistance zone. The price could decline further if there is a close below the $0.4865 support. XRP extended losses and traded below the $0.500 support. The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could slide further toward the $0.4550 support in the near term. XRP Price Dives Below $0.50 Recently, XRP price attempted a recovery wave above the $0.5050 level. However, the bears were active and the price started a fresh decline below the $0.500 support, like Ethereum and Bitcoin. There was a move below the $0.4920 and $0.4880 levels. A low was formed at $0.4867 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low. The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.4980 level. There is also a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low. Source: XRPUSD on TradingView.com The first key resistance is near $0.500. A close above the $0.500 resistance zone could spark a strong increase. The next key resistance is near $0.5085 and the 100-hourly Simple Moving Average. If the bulls remain in action above the $0.5085 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.550 resistance. More Losses? If XRP fails to clear the $0.50 resistance zone, it could start another decline. Initial support on the downside is near the $0.4865 level. The next major support is at $0.4780. If there is a downside break and a close below the $0.4780 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.4865 and $0.4780. Major Resistance Levels – $0.500 and $0.5085.
XRP has largely had a lackluster price movement in recent months, although it continues to show promise for real-world utility. Particularly, the price of XRP was recently rejected at $0.66 after a little surge which saw it falling back down as far as the $0.42 price level. The crypto now finds itself ranging between $0.6 […]
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As expected, this has raised concerns about how it could affect the XRP price, especially since Ripple has been accused of manipulating the token’s price. Ripple Unlocks 500 Million XRP Tokens Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns, considering the negative impact they could have on the altcoin’s price if dumped on the market. Further analysis of the on-chain data shows that Ripple sent 300 million XRP out of the unlocked tokens to an escrowed account (2Not4co2op). Meanwhile, the crypto firm sent the remaining 200 million XRP tokens to another wallet (4vt5x1o91m). Considering that the 200 million XRP tokens weren’t sent to escrow, Ripple may have plans to sell them at some point, although it has yet to do so. It is also worth mentioning that Ripple received another 500 million XRP tokens from an unknown wallet (ymFZmKxEsF). However, these funds were immediately sent to an escrow account. As such, the community can heave a sigh of relief since most of the XRP tokens Ripple received in the last 24 hours have been sent back to escrow. Talks About Ripple Dumping On The Market Resurface Following the latest token unlock, the crypto community has reignited talks about Ripple’s alleged dumping on XRP holders. The question of whether or not Ripple’s XRP sales influence the token’s price has been a long-standing discussion, with notable figures like pro-XRP crypto YouTuber Jerry Hall even accusing Ripple of intentionally suppressing the altcoin’s price with its sales. On the other hand, people like Ripple’s Chief Technology Officer (CTO) have clarified that the crypto firm’s XRP sales do not impact the crypto token’s price. Moreover, Ripple already discontinued programmatic sales, which means that its transactions cannot affect prices on crypto exchanges. Ripple also noted in its recent court filing in its ongoing legal battle against the Securities and Exchange Commission (SEC) that it had taken measures to ensure its institutional sales did not violate securities laws. This suggests that Ripple conducts its sales over the counter (OTC) to avoid further scrutiny from the Commission. At the time of writing, the token is trading at around $0.5, up over 2% in the last 24 hours according to data from CoinMarketCap. Price rises above $0.51 | Source: XRPUSDT on Tradingview.com Featured image from The Motley Fool, chart from Tradingview.com
The crypto community is witnessing a virtual showdown between Cardano Founder, Charles Hoskinson and Ripple’s Chief Technology Officer (CTO), David Schwartz. The two crypto giants are clashing over Ripple’s present regulatory challenges and the allegations surrounding the ETH Gate. Hoskinson And Schwartz Embark On Heated Debate Tensions have flared up within the crypto community as […]
Ripple has announced a major partnership with Tokyo-based HashKey DX, a consulting company of the HashKey Group, to deploy XRP Ledger (XRPL)-powered enterprise solutions in Japan’s burgeoning blockchain sector. The announcement led to an immediate 1.9% increase in XRP’s price, although this gain was slightly pared back; as of the latest data, XRP stands 1.1% higher since the news broke. The Ripple And HashKey Partnership: Details The collaboration leverages the substantial success HashKey Group has seen in mainland China. HashKey‘s blockchain-powered solutions for supply chain finance have registered over 4,000 companies, including 23 banks and 4,300 suppliers. The total transaction volume through these solutions has exceeded $7 billion, with almost $3 billion in financing transactions. In Japan, these blockchain solutions will be adapted and deployed through a partnership involving Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The XRPL will be the foundational technology platform. This blockchain specializes in tokenizing and exchanging both crypto-native and real-world assets. Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? Andy Dan, a representative from HashKey DX, highlighted the efficiency and suitability of XRPL for their needs, stating, “The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution. With its proven enterprise track record and unmatched performance metrics, including rapid settlement speeds, low costs, and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.” Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, echoed this enthusiasm for the partnership: “We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses.” XRP Price Analysis The initial spike in XRP’s price post-announcement reflects the market’s optimistic reception of Ripple’s strategic moves. However, the broader price action context reveals more complexity. Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Over recent weeks, XRP has experienced volatility, notably breaking down from a symmetrical triangle pattern on the weekly chart that began forming in September 2021. This pattern typically indicates a period of consolidation, with the eventual breakout direction suggesting the prevailing market force. Currently, the breakdown suggests that sellers have gained the upper hand, with the triangle now acting as a resistance zone. XRP faces multiple hurdles ahead as it is currently trading below several critical exponential moving averages (EMAs) – 20, 50, 100, and 200-week EMAs, all nested within the former triangle pattern. This setup presents significant resistance levels that need to be overcome for bullish momentum to resume. The Relative Strength Index (RSI), currently at 49, hovers near the neutral 50 mark, indicating that neither bulls nor bears have definitive control. This neutral position underlines the market’s current uncertainty, waiting for a catalyst that could drive the next significant price movement. Should the bulls regain control and push the price above the triangle’s resistance, the 0.236 Fibonacci retracement level at $0.68410 could initiate a shift in sentiment and potentially more robust gains for XRP. Featured image created with DALL·E, chart from TradingView.com
In the latest updates on the court case between Ripple and the United States Securities and Exchange Commission (SEC), the Magistrate Judge Sarah Netburn, has ordered strict deadlines for the regulatory agency to respond to the crypto firm’s motion. Judge Issues New Scheduling Order On Thursday, April 25, the magistrate Judge Netburn issued a new […]
XRP has shown notable signs of renewed bullish momentum in the market. It bounced back from a significant 11% price drop on April 12th, which took the token to its lowest level of the year at $0.4230. However, last week saw a solid 12% price recovery, with XRP outperforming the other top 10 altcoins in the market, behind only Solana (SOL) and Binance Coin (BNB). Signs Of A Strong Bullish Trend Ahead For XRP? On Tuesday, XRP hit a high of $0.5571, demonstrating its bullishness and outperforming its peers. This resurgence was paired with a spike in wallet activity, a positive sign for the token’s overall market sentiment. According to the network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has steadily increased over the past six weeks, rising by 3.1%. It is now just one wallet away from reaching an all-time high (ATH). Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End In addition, crypto analyst Ali Martinez reported a notable buying spree among XRP whales, who purchased over 31 million tokens in the past week alone. This has contributed to the cryptocurrency’s price recovery, emphasizing renewed confidence in its uptrend prospects. Regarding price action, market analyst Egrag Crypto points out that XRP has formed a double bottom pattern, considered a strong bullish signal. This pattern, combined with the transition of the consolidation zone into a supply zone and the wicking area into a demand and accumulation zone, indicates a promising outlook for the token, according to the analyst. Egrag Crypto is confident that a significant price spike or “thrust” is imminent, and the analyst has updated his target to $1.4 for XRP. Critical Resistance Levels To Watch Despite initial bullish outlooks for XRP, the token has retraced to the $0.5474 price level as of the time of writing, accompanied by a 14% decrease in market capitalization over the past 30 days. Moreover, as XRP aims to reach higher levels, potential resistance barriers may impede the token’s recovery and the bullish trend. Analyzing the XRP/USD chart below reveals the immediate resistance at $0.5644, which has prevented consolidation above current levels for the past week. Related Reading: The Cardano $1 Dream: Is A Price Explosion Coming Or Just Deja Vu? After that, the final obstacle before a retest of the $0.600 zone lies at the $0.5884 level. This level previously served as a support floor for the token, leading to a rebound during the uptrend seen in March, which took XRP to its yearly high of $0.745. Conversely, monitoring the support levels at $0.52910, $0.5184, and $0.5044 is crucial. If a bearish scenario develops in the coming days, these levels may prevent XRP from falling below $0.500. Featured image from Shutterstock, chart from TradingView.com
The legal battle between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for Ripple’s violation of securities laws. Ripple Proposes $10 Million Fine Instead In opposition to the SEC’s motion for remedies and entry of final judgment, Ripple has proposed that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC’s proposed judgment. The Commission had earlier asked the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its institutional XRP sales. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target Specifically, the SEC proposed that Ripple pay a civil penalty of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for disgorgement and pre-judgment interest and only focus on the civil penalty, which shouldn’t be more than $10 million. Ripple’s lawyers also laid out arguments as to why the civil penalty should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case “because the SEC has never alleged fraud, deceit, or manipulation and has failed in its belated attempt to show that Ripple recklessly disregarded the law.” Therefore, Ripple argued that the Commission’s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company’s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate. Accounting Error From The SEC Ripple suggested that the SEC made an error in calculating the company’s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to “analyze or even consider any other categories of Ripple’s expenses.” Meanwhile, they allege that the SEC didn’t offer any evidence or explanation “for why cost if revenue is the only category of Ripple’s deductible expenses.” Simply put, Ripple argues that the regulator, while calculating Ripple’s earnings, didn’t consider how much the company expended before deciding that almost $2 billion was an appropriate fine. Ripple’s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or expert witness and that she wasn’t deposed during the initial discovery or supplemental remedies discovery. Therefore, they moved to strike her declaration as an “untimely disclosed expert report.” Ripple Also Opposes SEC’s Proposed Injunction As part of its entry for final judgment, the SEC had asked the court to “permanently” restrain and enjoin Ripple from “directly or indirectly conducting an unregistered offering of Institutional Sales.” Understanding how this could affect their ODL transactions, Ripple has asked the court to deny the request for an injunction. Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. Ripple claims that the SEC has failed to show a “reasonable likelihood of future violations.” The crypto firm’s lawyers further revealed that Ripple has “changed the way it sells XRP and changed its contracts to avoid any future violations.” To show good faith, they submitted a declaration by Ripple’s President, Monica Long, which describes the steps the company has taken to avoid future violations. XRP price recovers above $0.54 | Source: XRPUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has revised his earlier ambitious prediction on the crypto industry’s future market capitalization, acknowledging that he had underestimated the market’s potential surge. Ripple CEO Underpredicts Crypto Market Cap Appearing in a recent interview with Fox Business, Garlinghouse shed light on the growth potential of the cryptocurrency market as well as its performance since the beginning of the year. The Ripple CEO was questioned about his previous optimistic forecast for the crypto industry’s market capitalization, in which he projected that the market cap would double to approximately $5 trillion by the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization stands at roughly around $2.25 trillion. Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 In response to the inquiry, Garlinghouse expressed his belief that his previous predictions were not overly ambitious, emphasizing the market’s potential for further growth. He admitted to underpredicting the industry’s potential market capitalization by the end of 2024, citing factors such as the current supply and demand dynamics driving additional increases. Garlinghouse noted that the current market conditions are characterized by increased demand and reduced supply, with these dynamics playing a significant role in the performance of cryptocurrencies. He disclosed that the Spot Bitcoin ETF market and the overall sentiment regarding Bitcoin’s value have significantly boosted demand for the cryptocurrency. Meanwhile, Bitcoin’s supply is diminishing due to the increasing number of large-scale investors purchasing the cryptocurrency rapidly. Additionally, the impending Bitcoin halving event is expected to further decrease the cryptocurrency’s supply. Assessing the current state of the crypto market, Garlinghouse stated that since the last six months, Bitcoin has been up by more than 250%, with further increases anticipated. He also asserted that this overperformance was largely driven by the approval and launch of Spot Bitcoin ETFs as well as the upcoming Bitcoin halving. Regulations Are Vital For Market Development Garlinghouse has disclosed that establishing proper regulatory frameworks for the cryptocurrency market would yield positive outcomes for the market in the future. He explained that one of the primary factors hindering the growth of this evolving market was the United State’s prevailing anti-crypto stance, suggesting that the country’s enforcement actions on the developing industry were “problematic.” Related Reading: Goldman Sachs On Bitcoin Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News Event’ The Ripple CEO highlighted several countries, including Dubai, Singapore and the United Kingdom, which have been proactively embracing cryptocurrencies and implementing proper regulatory systems to foster further growth in the market. Garlinghouse has asserted that the US has significantly lagged in recognizing the transformative and innovative impact of the cryptocurrency market, attributing this setback to the United States Securities and Exchange Commission (SEC) and its current Chair, Gary Gensler. Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com
Crypto analyst Javon Marks has laid out an ultra-bullish narrative for the XRP price, predicting that the crypto token’s price could increase exponentially to triple figures. The analyst also alluded to XRP’s historical price pattern to show that this price move was possible. XRP Price Could Rise Above $200 Javon Marks mentioned in an X […]