XRP price rallied above the $0.5550 and $0.560 levels. It is now consolidating gains above $0.550 and might aim for more gains in the near term. XRP price gained pace for a move above the $0.550 resistance zone. The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could regain traction if it stays above the $0.550 pivot level. XRP Price Gains Momentum XRP price remained well-supported above the $0.5320 level like Bitcoin and Ethereum. The price started a fresh increase and was able to clear the key hurdle at $0.5420. There was a surge above the $0.5550 and $0.5650 levels. The price even tested the $0.5870 zone. A high was formed at $0.5869 and the price started a sharp pullback. There was a move below the $0.5720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high. The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high. On the upside, the price might face resistance near the $0.5660 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5920 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term. More Downsides? If XRP fails to clear the $0.5660 resistance zone, it could start another decline. Initial support on the downside is near the $0.5550 level. The next major support is $0.5500. If there is a downside break and a close below the $0.5500 level, the price might continue to decline toward the $0.5380 support in the near term. The next major support sits at $0.5250. 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 – $0.5550 and $0.5500. Major Resistance Levels – $0.5660 and $0.5720.
In the ever-evolving world of cryptocurrency assets, it is believed that most digital assets possess speculative bubble characteristics, demonstrating uncertainty about the stability of their value. However, a market expert has claimed that XRP’s value remains robust and free from the speculative bubble pressures often seen with other cryptocurrencies. Is XRP More Stable Than The […]
A crypto analyst is mega bullish on the future outlook of the XRP price, predicting a massive price surge to $40 for cryptocurrency. Despite XRP’s stagnant price growth over the years, this crypto analyst remains confident in the cryptocurrency’s short-term and long-term prospects. XRP Surge Incoming, Don’t Panic Sell XRP, the native token of the XRP Ledger (XRPL) is currently showing incredibly bullish signals according to ‘Steph Is Crypto,’ a market expert on X (formerly Twitter). Sharing a video discussing his analysis of the XRP chart, Steph Is Crypto disclosed that cryptocurrency is gearing up for a substantial breakout in the immediate short term. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why The analyst disclosed that XRP is currently shaping a “larger inverted head and shoulders” technical pattern. As a result, he predicted that a breakout would be confirmed in XRP when a daily candle was seen close to the neckline at the $0.65 level. Once XRP closes above this crucial price level, the cryptocurrency could witness a price increase to $1.11, representing a 106% surge from its current value. Steph Is Crypto further revealed that on the monthly time frame, XRP’s price is getting closer to the apex of its distinctive symmetrical triangle pattern. A symmetrical triangle is a neutral chart formation consisting of two converging trend lines that suggest a potential price breakthrough after a period of sideways trading. Based on XRP’s triangle chart pattern, the analyst believes that the cryptocurrency could experience a massive price surge to $40 in the next few weeks. Considering the ambitious nature of this price forecast, Steph Is Crypto has warned investors to take it with a grain of salt, noting the market’s unpredictable nature. However, should XRP break above the downward-sloping resistance line on its symmetrical triangle pattern, the cryptocurrency could see a rapid move to the upside. A jump to $40 would mean that the XRP will require a 75.5% rally from its present price of $0.53. Looking at the Fear and Greed index of the broader crypto market, the majority of investors are in a fearful state due to the recent market decline and volatility. However, Steph In Crypto has urged XRP investors to stay bullish, emphasizing that now is the worst time to panic sell their holdings. He also revealed that XRP is witnessing a significant build-up of liquidity from short positions. As a result, he recommends that investors keep an eye out on the cryptocurrency’s liquidity margin, predicting a short squeeze or a move upwards soon. Related Reading: Bitcoin Recovery Path To $60,000: Analyst Reveals Why $55,881 Is Important Update On XRP Price Analysis Despite XRP’s bullish forecast from analysts and its newfound legal clarity, the cryptocurrency continues to experience sluggish growth. CoinMarketCap’s data has shown that XRP is still consolidating around the $0.5 price level, showing only modest gains even during favorable market conditions. In the last 24 hours, the price of the cryptocurrency has jumped by 1.06%, however in the previous week it also fell by 1.90%. Featured image created with Dall.E, chart from Tradingview.com
Grayscale, a leading cryptocurrency asset manager, unveiled the first XRP trust in the US, propelling the token’s price by 8% to $0.57 at press time. Related Reading: Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why XRP Trust Announced, Is The XRP ETF Incoming? Digital assets manager Grayscale today announced the launch of a closed-end XRP trust in the US, paving the way for institutional investors to gain exposure to the top 10 cryptocurrencies, an official announcement by Ripple confirms. Commenting on the development, Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, said: We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure. For the uninitiated, a closed-end trust differs from an exchange-traded fund (ETF) because it allows certain investors to gain exposure to the underlying asset with relatively fewer regulatory constraints. On the other hand, an ETF approval requires several checks from regulators – in this case, from the US Securities and Exchange Commission (SEC) before they are made available to investors. That being said, it’s worth highlighting that an approved trust holds the potential to transform into an ETF with the required regulatory approvals. For example, Grayscale’s single-asset investment trusts – Bitcoin (BTC) and Ethereum (ETH) – were given the go-ahead to become ETFs earlier this year. Related Reading: 11% Of Bitcoin Supply In Coinbase’s Hands: Analyzing The Potential Risks As a result, it won’t be surprising to see an XRP ETF in the US sometime soon. The fact that Grayscale has published an intended four-phase product life cycle for its newly unveiled XRP trust further gives weight to the possibility of an XRP ETF shortly. Interestingly, the XRP trust’s launch comes when its parent company, Ripple, is tackling multiple legal battles with the US SEC. XRP’s price following the announcement skyrocketed by 8%, currently at $0.57. Featured image from Zebpay.com, Chart from Tradingview
XRP price is holding gains above the $0.5250 level. The price is now trading in a tight range and might soon attempt a move above the $0.550 resistance. XRP price is eyeing a clear move above the $0.5420 resistance zone. The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. There was a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5420 and $0.5450 resistance levels. XRP Price Eyes Upside Break XRP price remained well-supported above the $0.5220 level like Bitcoin and Ethereum. The price started a fresh increase within the range and was able to clear the $0.5320 resistance level. The price climbed above the 50% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. There was also a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair. The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5380 level or the 76.4% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5550 resistance. The next major resistance is near the $0.5640 level. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. Another Decline? If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5330 level and the 100 hourly SMA. The next major support is $0.5280. If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150. 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 – $0.5330 and $0.5280. Major Resistance Levels – $0.5420 and $0.5450.
XRP price managed to stay above the $0.5000 level. The price is rebounding and must clear the $0.5480 resistance level to start a decent increase. XRP price is struggling to gain pace for a move above the $0.5350 zone. The price is now trading below $0.5320 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline again if it fails to clear $0.5320 and $0.5480. XRP Price Faces Resistance XRP price extended losses below $0.5350 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.5020 support zone. A low was formed at $0.5021 and the price is now attempting a recovery wave. There was a minor increase above the $0.520 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. However, the bears seem to be active near the $0.5320 and $0.5350 levels. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5320 level. The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5620 resistance. The next major resistance is near the $0.5750 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term. Another Decline? If XRP fails to clear the $0.5320 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is $0.5200. If there is a downside break and a close below the $0.5200 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits at $0.5020. 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 above the 50 level. Major Support Levels – $0.5200 and $0.5120. Major Resistance Levels – $0.5320 and $0.5480.
XRP price is attempting a recovery wave above the $0.5500 level. The price might struggle to clear the range resistance at $0.5720 and $0.5800. XRP price started a decent increase from the $0.5330 zone. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline again if it fails to stay above $0.5520 and $0.5500. XRP Price Faces Hurdles XRP price extended losses below $0.540 like Bitcoin and Ethereum. The price tested the $0.5330 zone and recently started a recovery wave. There was a move above the $0.5420 and $0.5440 resistance levels. The price was able to clear the 50% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. There was a move above the $0.5550 level. However, the bears seem to be active near the $0.5625 and $0.5640 levels. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. Besides, there is also a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $0.5625 level or the 76.4% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5850 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance or even $0.6060 in the near term. Another Decline? If XRP fails to clear the $0.5625 resistance zone, it could start another decline. Initial support on the downside is near the $0.5525 level and the trend line. The next major support is $0.5500. If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.540 support in the near term. The next major support sits at $0.5320. 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 – $0.5525 and $0.5400. Major Resistance Levels – $0.5625 and $0.5720.
Crypto analyst Dark Defender has predicted that the XRP price could rise to $8 and explained what could spark such a parabolic rally for the crypto. As part of his bullish prediction, the crypto analyst also revealed what could lead to XRP rising to $18. XRP Price To Rise To $8 If Repeat Of 2017 Bull Run Occurs Dark Defender predicted in an X (formerly Twitter) post that XRP would rise to $8 if a repeat of the 2017 bull run were to occur. Back then, XRP recorded a price rally of 61,000% in 280 days to its current all-time high (ATH) of $3.84. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? The crypto analyst seemed confident about this 2017 price surge happening again, stating that the XRP community is having a “deja vu of 2017 by standing weeks in front of the XRP bull run.” Dark Defender added that if a similar run is in place, $18.22, the Fibonacci level of 361.80%, is expected to be the upper target level of XRP’s Wave 3 impulsive move. From the accompanying chart, this projected move to $8 and possibly $18 is expected to occur sometime between October and early 2025. The crypto analyst also provided an analysis of XRP’s current price action and highlighted critical support levels XRP needs to hold above if it is to rise to this unprecedented height. Firstly, he noted that the crypto has been consolidating between $0.3917 and $0.6649. Meanwhile, in the weekly time frame, XRP’s relative strength index (RSI) dips have formed a parallel with price dips. At the same time, the weekly RSI Golden Cross is said to be in place. Dark Defender again highlighted the importance of the $0.6649 price level. He claimed that this level, above the weekly Ichimoku clouds, is a “crucial marker” that must be in place before XRP makes its parabolic run. The analyst also noted that $0.5286 and $0.4623 are critical support levels, which XRP holders should keep an eye on. XRP Could Rally By 5,000% And Rise To $27 Crypto analyst Egrag Crypto has also offered a more bullish price prediction for XRP, suggesting that the crypto could enjoy a 5,000% price gain and rise to $27. As a more conservative price prediction, he remarked that XRP could enjoy a 2,400% price gain and climb to $17. He made these predictions based on the Bullish Hammer Candle Stick formations, which he noted have historically produced massive price gains for XRP. Related Reading: Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News This isn’t the first time Egrag has predicted that XRP could rise to as high as $27 in this bull run. In November last year, he mentioned that this price level was a “plausible” target, especially if the crypto repeats its 2017 bull rally. At the time of writing, XRP is trading at around $0.55, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The XRP price has dropped to $0.55 as the crypto token continues to struggle to break above the $0.60 resistance level. This recent drop is due to several factors, including Ripple’s recent token unlocks. Ripple’s Unlocks Causes Price To Drop According to the on-chain analytics platform Whale Alert, Ripple unlocked 1 billion XRP tokens ($559 million) from its escrow wallet on September 1. This formed part of the token unlocks, which the crypto firm is known to carry out monthly. These token unlocks were carried out in three transactions, with 500 million XRP, 200 million XRP, and 300 million XRP unlocked from the escrow wallet in these three transactions. Related Reading: Dogecoin Eyes Massive Bull Surge As Metrics Turn Green This sparked a bearish sentiment for the XRP price, causing it to drop. Ripple’s XRP unlocks always create a supply shock, which causes XRP investors to panic and sell off their holdings in fear that the crypto firm may be looking to offload some or all of the tokens that it has unlocked from escrow. This panic among XRP investors comes despite reports that Ripple’s XRP sales do not impact the crypto’s price on exchanges, as they are likely done over the counter. Meanwhile, Ripple once again received criticism from some members of the XRP community following the recent token unlocks, with one of them calling the crypto firm a “scam.” Another reason the XRP price plunged to $0.55 is the current bearish sentiment in the broader crypto market. Bitcoin (BTC) dropped below $58,000 on September 1, thereby sparking a downtrend for other crypto tokens. The flagship crypto’s price action has remained indecisive, weighing on the fate of other tokens. The XRP price is undoubtedly at risk of dropping lower if Bitcoin fails to establish a bullish trend soon enough and rises above $60,000. Some Positives For The XRP Price Despite the panic caused by Ripple’s XRP unlocks, it is worth mentioning that the crypto firm locked 800 million XRP ($442 million) tokens back in escrow. This is a bullish development for the XRP price as it will help allay the fears of XRP investors who believed that Ripple was looking to sell the 1 billion XRP tokens that were earlier unlocked. Related Reading: The Curse Of September: Is Another Massive Bitcoin Sell-Off Coming? Another positive for XRP and its holders is that the likelihood of the US Securities and Exchange Commission (SEC) appealing its case against Ripple is dropping as the 60-day window for the Commission to do so draws closer. If the SEC eventually chooses not to appeal, that will provide some bullish momentum for the XRP price, considering how much impact the lawsuit has had on the crypto so far. At the time of writing, XRP is trading at around $0.549, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
XRP price extended losses below the $0.5650 support. The price is showing bearish signs and might even decline below the $0.540 level. XRP price started a fresh decline below the $0.600 zone. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $0.5560 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could attempt a recovery wave if it clears the $0.5650 resistance zone. XRP Price Turns Red XRP price failed to stay above the $0.60 support and extended losses like Bitcoin and Ethereum. The price declined below the $0.5650 and $0.5550 support levels to enter a bearish zone. The price even tested the $0.5440 level. A low was formed at $0.5440 and the price is now consolidating losses. It is trying to start a recovery wave and test the 23.6% Fib retracement level of the recent decline from the $0.5721 swing high to the $0.5440 low. The price is still trading below $0.5650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5550 level. The first major resistance is near the $0.5560 level. There is also a connecting bearish trend line forming with resistance at $0.5560 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $0.5721 swing high to the $0.5440 low. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.5720 resistance. The next major resistance is near the $0.5840 level. Any more gains might send the price toward the $0.5920 resistance or even $0.60 in the near term. More Losses? If XRP fails to clear the $0.5650 resistance zone, it could start another decline. Initial support on the downside is near the $0.5440 level. The next major support is at $0.5320. If there is a downside break and a close below the $0.5320 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150. 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 – $0.5440 and $0.5320. Major Resistance Levels – $0.5560 and $0.5650.
Due to regulatory hurdles, XRP failed to initiate a significant rally alongside other notable cryptocurrency assets like Bitcoin and Ethereum in the 2021 bull cycle. There has been much speculation about when the altcoin will surge again. However, a market expert has recently shared insights into when the actual price impact for XRP will develop, indicating a positive future for the crypto asset. Real Price Impact For XRP On The Horizon SMQKE, an observer and researcher of Current Tech Shift, has disclosed the period for the much-anticipated rally for XRP to come to light, emphasizing the key developments that may influence the value of the digital asset in the future. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here’s The Roadmap The expert bases his prediction on the recent developments around the Ripple-Russia Presentation, which implies that major confirmation was provided that all of the big banks that have teamed up with Ripple, including leading banks that are crucial to the system, such as Standard Chartered, Santander, and Bank of America, are currently running in test mode. “If these major banks are still in the testing phase, it means they have not yet fully integrated Ripple’s technology into their daily operations,” he added. Because of this, SMQKE believes that XRP has been unable to move significantly despite its potential utility. XRP may be struggling to undergo a major price upswing, but SMQKE asserts that this development is encouraging for XRP’s future because systemically important banks are participating in the ongoing testing. As a result, the researcher is confident that after the tests are over and the big banks have transitioned to full-scale adoption of Ripple’s technology, the real price effect for XRP will take place. This is because once these tests are successfully concluded, there will be a greater need for XRP as a utility asset in financial transactions, potentially resulting in a sharp increase in the altcoin price. Current State Of The Market In A “Wait And See” Phase According to the expert, the market could be in a “wait and see” phase. This is because investors might be delaying pushing up XRP’s price until they see definite evidence of widespread acceptance and regulatory certainty around the asset. Related Reading: XRP Set To Explode? Top Analyst Predicts $33 Rally The legal litigation between Ripple and the United States Securities and Exchange Commission (SEC) has been a major roadblock for the potential of XRP. SMQKE’s insights suggest that investors await the lawsuit’s conclusion before pouring massive capital into the crypto asset market. If the lawsuit ends and Ripple’s technology integration tests with big banks go live, there is a good chance that the value of XRP will witness a notable price rally, possibly to new all-time highs. Featured image from Adobe Stock, chart from Tradingview.com
Crypto pundit and YouTube influencer Levi Rietveld has projected a bold price target of $10,000 for XRP with his 117,000 followers. His prediction is backed by major developments within Ripple’s adoption and integration into Central Bank Digital Currencies (CBDCs). Notably, the prediction is influenced by James Wallis, Vice President of CBDCs at Ripple, who has been vocal about Ripple’s ongoing global projects and pilots. In a video that gained significant attention on social media, Levi outlined the potential trajectory for XRP, emphasizing its use in extensive pilot projects and private ledgers across multiple continents—excluding Antarctica. According to Levi, these initiatives could catapult the XRP price to “skyrocket past $10,000 per coin if it all falls into place.” Is $10,000 Per XRP Possible? Levi is referencing interviews with Wallis where he details Ripple’s approach for partnerships with central banks worldwide. He explains that Ripple has been developing private versions of the XRP Ledger (XRPL) tailored to the specific needs of central banks that prioritize privacy and security, leveraging the robust, open-source technology of the public XRPL. Related Reading: XRP Set To Explode? Top Analyst Predicts $33 Rally This strategy allows central banks to utilize a blockchain platform without exposing sensitive transaction data. “The XRP Ledger technology is proven; it has been processing billions of transactions,” Wallis stated, underscoring the reliability and scalability of the technology. Wallis’s unveiled a strategic pivot towards creating a hybrid blockchain system that combines the transparency and efficiency of public blockchains with the privacy controls essential for central bank operations. This bespoke approach has reportedly gained traction, with Ripple working on more than ten active projects across various continents, as Bitcoinist reported. Levi’s enthusiasm for XRP’s potential price explosion is further fueled by recent regulatory developments. He emphasizes significant victories for Ripple against the US Securities and Exchange Commission (SEC). “Our recent wins from the SEC prove that well these institutions are going to start being able to use the XRPL how they see fit,” Levi commented. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here’s The Roadmap The pundit linked these regulatory advancements directly to potential massive adoption, implying that as legal barriers diminish, financial institutions could integrate XRPL more broadly and deeply into their operational frameworks. This adoption would enhance transaction efficiencies and reduce costs, making XRP more indispensable as a bridging currency in international trade and finance. The anticipation of XRP’s integration into mainstream financial operations has stirred considerable excitement among the XRP army. The potential application across CBDC projects could have a substantial impact on the token’s price. An extensive adoption could significantly increase demand for XRP, driving up its price. Levi’s projection of XRP reaching $10,000 is predicated on the convergence of technological adoption and regulatory acceptance, which could “skyrocket” its value. However, it is important to note that even in the community, the price target of $10,000 is more than controversial. To reach this price, XRP would have to rise by a whopping 1,700,000%. At press time, XRP traded at $0.50. Featured image created with DALL.E, chart from TradingView.com
The XRP price, despite struggling over the last few years due to the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), continues to enjoy a lot of support from the community. This has materialized in the form of countless bullish predictions that the altcoin will rally and regain its lost glory. […]
The XRP price is trading around the psychological barrier of $0.60 after breaking through earlier in the week. Notably, XRP has exhibited interesting price action amidst wider market uncertainty, although many cryptocurrencies are starting to turn positive. While some market participants are still bearish on XRP, others are looking out for a very bullish trajectory. A crypto analyst has revealed an XRP technical analysis that many bullish proponents can resonate with. According to the analyst, XRP is set to surge to $32 in the coming months. XRP Price Surge Of Epic Proportions Despite the broader volatility, many cryptocurrencies have begun to show signs of recovery, with XRP also a focal point of interest. The XRP analysis in question was posted through the social media platform X by Tylie Eric. This analysis was accompanied by an XRP / U.S. Dollar price chart on the 1D candlestick timeframe. As such, the price chart shows XRP’s price action as far back as late 2020. Central to the analysis is the depiction of a symmetrical triangle pattern, which has been gradually forming since early 2021, when XRP reached a peak trading value of $1.96. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why Over the years, XRP has displayed a series of lower highs and higher lows, which have progressively tightened into a narrower trading range. This pattern is often regarded by technical analysts as a sign of a potential breakout, where the price could move significantly in either direction once there is a breakout. #XRP WELCOME TO MONDAY. I’m a visual individual. Let this chart rekindle the spark. pic.twitter.com/xZXe4cpou1 — Tylie E (@TylieEric) August 19, 2024 Recent price action now puts the XRP price trading at the upper trendline of the triangular pattern. A breakout to the upside would cement a bullish rally for the cryptocurrency. According to the price target noted by Tyler, this breakout could see XRP initially surging to its current all-time high of $3.5 before facing resistance. However, the sheer nature of the bullish breakout would see XRP quickly clearing this resistance and going as high as $32. His timeline for this happening is between now and the end of the year. This projection, if realized, would represent a substantial 5,230% increase from the current price of XRP. What’s Next For XRP? Market sentiment around XRP is currently mixed. Tylie Eric’s forecast is particularly bold, predicting that the XRP price could climb as high as $32 by the end of the year. While surges of such proportions are not new to the crypto XRP, the chances of such an XRP surge happening are very slim at the moment. However, XRP has seen several other bullish predictions of a similar nature in recent weeks, particularly in the wake of the conclusion of the Ripple-SEC lawsuit. Related Reading: Glassnode Report Reveals Why The Bitcoin Price Dropped Below $50,000 On the other hand, a segment of the market remains bearish on XRP. One analyst recently even went so far as calling XRP the “biggest scam in crypto.” At the time of writing, XRP is trading at $0.6008 and is only on a 1.29% gain in a 30-day timeframe. Featured image created with Dall.E, chart from Tradingview.com
The founder of Dizer Capital, Yassin Mobarak, recently revealed why crypto investors should not miss out on investing in XRP despite its unimpressive price action so far. The crypto analyst made this revelation while also acknowledging how difficult it is to hold the crypto token for now. The XRP Rally Will Be Massive Mobarak suggested […]
XRP price failed to climb above the $0.5850 resistance zone. The price dipped and now shows a few bearish signs below the $0.5750 level. XRP price is struggling to climb above the $0.5850 level. The price is now trading below $0.5750 and the 100-hourly Simple Moving Average. There was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.580 resistance zone. XRP Price Dips To Support XRP price remained stable near the $0.5650 level and attempted more gains. However, it failed to clear the $0.5850 resistance and started another decline like Bitcoin and Ethereum. There was a move below the $0.580 and $0.5750 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high. Besides, there was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5750 and the 100-hourly Simple Moving Average. It is holding the 50% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high. On the upside, the price is facing hurdles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.60 resistance. The next major resistance is near the $0.6150 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term. More Losses? If XRP fails to clear the $0.580 resistance zone, it could start another decline. Initial support on the downside is near the $0.5650 level. The next major support is at $0.560. If there is a downside break and a close below the $0.5600 level, the price might continue to decline toward the $0.550 support in the near term. The next major support sits at $0.5350. 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 – $0.5600 and $0.5550. Major Resistance Levels – $0.5800 and $0.5850.
XRP price started a downside correction from the $0.6480 resistance. The price is now testing the $0.550 support and might eye a fresh increase. XRP price started a downside correction below the $0.620 and $0.600 levels. The price is now trading below $0.600 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.580 resistance zone. XRP Price Hits Key Support XRP price struggled to extend gains above the $0.6450 and $0.650 levels. The price started a downside correction below the $0.600 level like Ethereum and Bitcoin. There was a move below the $0.5850 and $0.580 support levels. The price dipped below the 50% Fib retracement level of the upward wave from the $0.4925 swing low to the $0.6475 high. However, the bulls are now active near the $0.5500 support. The 61.8% Fib retracement level of the upward wave from the $0.4925 swing low to the $0.6475 high is acting as a support. The price is now trading below $0.600 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.570 level. The first major resistance is near the $0.5750 level. There is also a key bearish trend line forming with resistance at $0.5750 on the hourly chart of the XRP/USD pair. The next key resistance could be $0.580. A clear move above the $0.580 resistance might send the price toward the $0.5950 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.620 resistance or even $0.650 in the near term. More Downsides? If XRP fails to clear the $0.580 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5520 level. The next major support is at $0.550. If there is a downside break and a close below the $0.550 level, the price might continue to decline toward the $0.5320 support. The next major support sits at $0.5250. 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 – $0.5550 and $0.5500. Major Resistance Levels – $0.5750 and $0.5800.
XRP price started a major increase above $0.550 and $0.600. The price is now consolidating gains and facing hurdles near the $0.6480 zone. XRP price started a strong increase above the $0.550 and $0.580 levels. The price is now trading above $0.600 and the 100-hourly Simple Moving Average. There is a key contracting triangle forming with resistance at $0.640 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to rise if it clears the $0.640 resistance zone. XRP Price Eyes Additional Gains XRP price formed a base above $0.50 and started a major increase beating Ethereum and Bitcoin. The price was able to surpass the $0.550 and $0.580 resistance levels. The bulls even pumped the price above the $0.60 resistance. A high was formed at $0.6473 and the price is now consolidating gains. There was a move below the $0.6120 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $0.4920 swing low to the $0.6477 high. However, the bulls are active near $0.600. It is still trading above $0.600 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.6280 level. The first major resistance is near the $0.6380 level. The next key resistance could be $0.640. There is also a key contracting triangle forming with resistance at $0.640 on the hourly chart of the XRP/USD pair. A clear move above the $0.640 resistance might send the price toward the $0.6550 resistance. The next major resistance is near the $0.6720 level. Any more gains might send the price toward the $0.6880 resistance or even $0.700 in the near term. Another Decline? If XRP fails to clear the $0.640 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.6080 level. The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, the price might continue to decline toward the $0.570 support or the 50% Fib retracement level of the upward wave from the $0.4920 swing low to the $0.6477 high. The next major support sits at $0.550. 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 – $0.6080 and $0.5700. Major Resistance Levels – $0.6250 and $0.6400.
The long-running legal battle between the US Securities and Exchange Commission (SEC) and Ripple finally concluded following Judge Analisa Torres’ judgment on August 7. With the lawsuit out of the way, crypto analyst CrediBULL Crypto predicts that the XRP price could soon surpass its all-time high (ATH). XRP Price Is Set For A “Mega Run” To New ATH CrediBULL Crypto mentioned in an X (formerly Twitter) post that the stage is set for an “inevitable mega run for XRP. The analyst added that XRP hitting a new ATH is a matter of when and not if. XRP’s current ATH stands at $3.84, meaning the crypto token could rise above this price level soon. Related Reading: Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again? Before now, crypto analysts like RLinda had highlighted the conclusion of the case between the SEC and Ripple as one of the catalysts that could spark a massive rally for XRP. She asserted that this event would give XRP a “second life” to achieve a successful breakout above critical resistance levels. Crypto analyst JackTheRippler predicted that XRP would rise to as high as $100 once the case between the SEC and Rippled ended. Crypto analyst Common Sense Crypto also alluded to the lawsuit while outlining why XRP can reach $100. The analyst suggested that the conclusion of the case will lead to the launch of a Spot XRP ETF, which can spark such a parabolic rally for XRP. This lawsuit began in December 2020 and is believed to have hindered XRP’s growth, especially during the 2021 bull run when the crypto token failed to record significant gains or even close to breaking its ATH. However, that looks set to change as Judge Torres’ judgment has ended the lawsuit, at least for now, with an appeal still a possibility. Judge Torres declared a $125 million penalty against Ripple for violating securities laws and an injunction against future violations. However, the $125 million is way below the almost $2 billion fine the SEC initially proposed. The court also ruled that the SEC cannot bar Ripple’s On-Demand Liquidity (ODL) sales. XRP Is Just Getting Started Crypto analyst Mikybull Crypto stated that XRP’s current rally following the court’s ruling is just getting started while urging market participants to get ready for the “real fun.” Whatever happens, XRP holders will hope that the excitement about the end of the lawsuit can help send XRP above $1 in the short term. Related Reading: Dogecoin Bounces Off Key Support Following Crash Below $0.1 Such a move will undoubtedly boost the confidence of these investors that XRP can reach the projected heights that these analysts say it will attain. It is worth mentioning that XRP failed to break the $1 resistance when Judge Torres declared last year that the crypto token wasn’t a security. As such, XRP’s price action will be one to watch. At the time of writing, XRP is trading at around $0.60, up over 18% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
XRP is currently trading slightly above the $0.50 price level, having experienced a significant price decline that erased most of its gains from the previous month. XRP managed to break through the $0.60 price level in a rally last month, although this surge was short-lived, lasting only a few days. Despite this setback, crypto analyst Javon Marks notes that there are still bullish divergence patterns present in the market, suggesting that another breakout could be on the horizon. These patterns indicate potential upward momentum, hinting at a possible recovery and a very optimistic price surge to new all-time highs. Bullish Divergences Are Still Present Crypto analyst Javon Marks recently shared an intriguing XRP technical analysis on the social media platform X with very bullish price prediction targets for the cryptocurrency. According to Marks, the crypto asset recently embarked on a bullish rally, which ultimately turned into an attempted breakout before reversing. The rally he was talking about was XRP’s price journey from $0.4321 in July, which saw it peak at $0.6534 on July 31, according to data from Coinmarketcap. As such, XRP ended up breaking out of a multi-year descending triangle pattern. Related Reading: Explosive XRP Prediction: Analyst Foresees 20-Fold Gain This interesting pattern is shown on Javon Marks’ XRPUSD monthly candlestick chart. The descending triangle pattern, which has been in formation since XRP’s all-time high of $3.4 in 2018, is characterized by a series of lower highs and higher lows. Over the past six years, this pattern has become smaller, reflecting a period of consolidation and reduced volatility. This formation has tightened for the past few months, culminating in the minor breakout in July and a move towards a more bullish outlook for XRP. Although the XRP price now finds itself trading within this region of descending triangular pattern again, Javon Marks remains optimistic. Furthermore, he pointed out an interesting correlation between the price action and the Relative Strength Index (RSI), which is a popular momentum indicator. According to Marks, this correlation suggests that a successful bullish breakout is on the horizon. $XRP recently broke out temporarily which looks to have been only an attempted breakout but, between Price Action and the RSI, there are patterns still present through bull divergences that can suggest a successful bullish breakout to be on the horizon! On a conservative note,… https://t.co/BCrp9CwT6i pic.twitter.com/XGGiv0nBDp — JAVON⚡️MARKS (@JavonTM1) August 6, 2024 Price Targets For XRP According to Marks, a successful breakout would translate into a price range between $15 and $18 on the conservative end. A more intense rally could result in XRP reaching above the $100 price level. His final target on the price chart is $260 for XRP, which represents an increase of 41,780% from the current price level. Rallies of such magnitude are not new to the crypto industry. As Marks noted, we’ve witnessed full logarithmic scale follow-throughs of this nature in the past. The last time the altcoin broke out of a similar multi-year descending triangle pattern was in 2017, resulting in a 42,000% price increase that culminated in its current all-time high. Related Reading: XRP Price Recovery Encounters Hurdles: Will It Prevail? However, realistically speaking, the crypto market has evolved since then. XRP is now one of the largest cryptocurrencies in terms of market cap, and a repeat of such a 40,000% surge is easier said than done. A lone XRP rally of that magnitude would propel XRP to overtake even Bitcoin in terms of market cap, which many market participants would deem impossible. Nevertheless, a sustained XRP rally in the near future is not out of the question. At the time of writing, XRP is trading at $0.5162 and is up by 3% in the past 24 hours. Featured image from Adobe Stock, chart from Tradingview.com
In a long-awaited conclusion to their high-profile legal clash, Ripple Labs and the US Securities and Exchange Commission (SEC) have reached a settlement that will see the blockchain company pay $125 million in civil penalties. Related Reading: Bitcoin Eyes New Records: Staying Above $45,000 Might Be The Catalyst — CEO Ripple-SEC Legal Saga Ends According […]
XRP price started a recovery wave above the $0.4880 resistance. The price could gain bullish momentum if it clears the $0.5220 resistance. XRP price started a decent recovery wave above the $0.4750 and $0.4880 levels. The price is now trading below $0.5220 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to recover higher if it clears the $0.5220 resistance zone. XRP Price Regains Strength XRP price formed a base above $0.4320 and started a recovery wave like Ethereum and Bitcoin. The price was able to surpass the $0.4750 and $0.4880 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. Besides, there was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair. However, the price is facing hurdles near the $0.5200 zone. It is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.5220 level and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. The first major resistance is near the $0.5420 level. The next key resistance could be $0.5750. A clear move above the $0.5750 resistance might send the price toward the $0.5840 resistance. The next major resistance is near the $0.5920 level. Any more gains might send the price toward the $0.600 resistance or even $0.6120 in the near term. Another Drop? If XRP fails to clear the $0.5220 resistance zone, it could start another decline. Initial support on the downside is near the $0.4980 level. The next major support is at $0.4880. If there is a downside break and a close below the $0.4880 level, the price might continue to decline toward the $0.4660 support in the near term. The next major support sits at $0.4500. 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 – $0.4980 and $0.4880. Major Resistance Levels – $0.5220 and $0.5420.
Crypto analyst Doctor Magic (@Doctor_Magic_) has outlined three reasons for investors to consider buying XRP now. In a series of posts on the X, Doctor Magic detailed the dynamics and data points positioning XRP as a potentially lucrative investment in the current state of the market. #1 Relative Strength Of XRP The crypto analyst highlights the XRP price relative to Bitcoin (BTC) and its resilience in the broader market. “XRP’s strength against BTC and across the board is notable and should not be ignored at this point. When markets turn up again (soon) the pump on XRP will be violent!” This analysis is based on a chart that plots the market cap dominance of as a ratio against BTC and the entire crypto market on a weekly timeframe. The dominance percentage is a critical metric, serving as an indicator of market capitalization relative to BTC, and thus reflects relative investment flows and market preferences. From 2016 to 2021, XRP’s dominance displayed a significant downward trend, suggesting a period during which market preference leaned heavily towards Bitcoin. However, beginning in 2022, this trend leveled off, indicating a potential stabilization or bottoming relative to Bitcoin. This phase suggests that XRP may have found a floor in terms of its market cap dominance, setting the stage for a possible reversal. Related Reading: XRP Ledger Sees Sharp Decline In Major Metric That Threatens To Send XRP Price To $0.2 A key support level for XRP/BTC is identified at 0.00000750 by the analyst. This level has been tested multiple times without a decisive break, establishing it as a critical floor where market sentiment has consistently supported the price relative to BTC. In 2024, following a bounce off this support area, there was a noticeable increase in dominance, suggesting growing investor confidence in its potential for a recovery. In terms of dominance over the entire crypto market (XRP.D), the metric currently stands at 1.47%. After touching down in the support zone ranging from 1.02% to 1.05%, XRP.D also experienced an uptick, further underscoring the renewed market interest and potential bullish sentiment. #2 Recovery Post-Dump With Stable Open Interest Doctor Magic also highlights a notable aspect of the market behavior — its swift recovery from yesterday’s price crash without any increase in open interest (OI). “XRP has now retraced the whole yesterday dump with zero OI added. ZERO. And negative funding,” remarked Doctor Magic. Related Reading: Why XRP Price Won’t Skyrocket After Ripple-SEC Ruling: Crypto Pundit This recovery pattern is significant as it implies the rebound was not fueled by a surge in speculative trading or new positions being opened, but rather by solid buying interest, likely from investors confident in fundamentals or long-term potential. #3 Support From Historical Open Interest Level Finally, the crypto analyst points to the current levels of Open Interest (OI) for XRP, which aligns with a historical baseline that has consistently marked significant market tops and bottoms over the past four years. “OI on XRP at the baseline [blue line] that has marked every top and every bottom the last 4 years,” Doctor Magic notes. This observation suggests that current OI levels are at a critical juncture, indicative of potential turning points in the market. Historically, when OI reaches these levels, it has preceded major price movements. At press time, XRP traded at $0.5030. Featured image created with DALL.E, chart from TradingView.com
XRP price started a recovery wave from the $0.4320 support. The price is up over 8% and now faces hurdles near the $0.5120 zone. XRP price traded below the $0.500 and $0.4550 support levels. The price is now trading below $0.5250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to recover higher if it clears the $0.5150 resistance zone. XRP Price Starts Recovery Wave XRP price extended losses below the $0.500 support like Ethereum and Bitcoin. The bears even pushed the price below the $0.4550 support zone. The price tested the $0.4320 zone. A low was formed at $0.4320 and the price recently started a recovery wave. There was a move above the $0.4550 and $0.480 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low. The price is still trading below $0.550 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair. The bulls are now facing a major hurdle near the trend line and $0.5150. The first major resistance is near the $0.540 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low. The next key resistance could be $0.550. A clear move above the $0.550 resistance might send the price toward the $0.5550 resistance. The next major resistance is near the $0.5680 level. Any more gains might send the price toward the $0.580 resistance or even $0.5880 in the near term. 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 $0.4880 level. The next major support is at $0.4750. If there is a downside break and a close below the $0.4750 level, the price might continue to decline toward the $0.4500 support in the near term. The next major support sits at $0.4320. 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 – $0.4880 and $0.4750. Major Resistance Levels – $0.5120 and $0.5400.
Crypto analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH), and XRP. Based on his analysis, PEPE could hit a new high soon enough, seeing how it has ranged since hitting a new all-time high (ATH) in May. A Price Rally For PEPE On The Horizon CrediBULL Crypto mentioned in an X […]
The price of XRP has recently experienced significant bearish momentum, leading to the breakthrough of a crucial support level at $0.5724. As the cryptocurrency surpasses the key support mark, it signals a significant shift in market sentiment, increasing fears of a continued downtrend. This breach suggests that the selling pressure is intensifying and could lead […]
As the XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) inches closer to a ruling on remedies – the final ruling on district court level – the crypto community is abuzz with speculation about the potential repercussions for the XRP price. Notably, Rachelle Renee, a popular crypto pundit, has voiced a dissenting perspective via X, arguing that the forthcoming Ripple-SEC ruling will not significantly impact the price of XRP, contrary to the expectations of many investors. How Will The XRP Price React? Renee’s analysis starts with a sobering view on the nature of the legal resolution itself, which will penalize Ripple. “It is simply the details on how Ripple will be punished for the few minor indiscretions committed,” Renee explained. She expressed skepticism about the potential for this legal closure to serve as a catalyst for a substantial price increase of XRP. According to Renee, the pivotal moment for a possible price surge was when regulatory clarity was initially provided by Judge Torres in July last year, a milestone that has already been passed without a long lasting effect. “The point at which clarity was decided would have been the time to see it move upward in a big way. It did not,” Renee stated. Related Reading: XRP Price Breaks Out Of 6-Year Triangle, But Is A Rally To $1 Possible? She further elucidated that institutional investors, who might be considered a primary driver for such a surge, only required confirmation that it was legally permissible to buy, hold, and utilize XRP. This clearance has already been granted. Therefore, the details of how Ripple might be reprimanded for early sales of XRP are unlikely to sway their investment strategies: “Institutions only needed to hear it was legal now to buy, hold and use. That happened. They do not need to hear or if #ripple will be punished for a few early sales of XRP.” Renee concluded, “I hate to be the one to say it. But I do not think the final Ripple/SEC/Torres event will do anything for the price of XRP. The institutions that might drive a significant price increase already know it’s legal to engage with XRP, and the specifics of Ripple’s punishment are unlikely to influence their decisions further.” She further conceded that while a minor uptick in the XRP price could occur following the resolution, she firmly believes that “this will not be the moon shot” many are hoping for. Instead, Renee suggested that significant market movements for XRP would more likely result from new developments that demonstrate XRP’s utility and adoption by major global players, such as banks and financial institutions. Related Reading: XRP Goes To All-Time High If This Resistance Breaks: Crypto Analyst Contrasting with Renee’s tempered expectations, Bas van Gestel, another voice from the XRP community, presented a more bullish outlook. Van Gestel argued that the end of the Ripple-SEC case would catalyze a major surge in XRP’s price due to enhanced regulatory clarity attracting more investors, institutional adoption by major banks, and global partnerships that would broaden the currency’s use cases. Responding to van Gestel’s optimism, Renee reiterated her point that much of what was anticipated to drive a price surge has already occurred, with regulatory clarity being established over a year ago. She posed critical questions about the timing of the institutional adoption and significant global announcements that van Gestel cited as catalysts, suggesting that while these developments are possible and could be impactful, they have yet to materialize in a way that affects the XRP price meaningfully. “Since regulatory clarity was provided over a year ago, why have we not seen big announcements. I am a believer these announcements will come. But not as part of the final Torres case close,” Renee claims. At press time, XRP traded at $0.5632. Featured image created with DALL·E, chart from TradingView.com
Positive sentiments around XRP have increased lately due to its recent upward bullish momentum, garnering several audacious predictions from cryptocurrency analysts about the digital asset’s next trajectory on the upside. However, market expert and enthusiast, Crypto Michael, has brushed off the idea that XRP would rise 300 times its current price level, noting that such […]
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]
XRP is one of the top performers, looking at the performance over the last three weeks. After sinking below $0.40 in early July, the coin has rebounded sharply, adding 60%. As the coin outperforms leading altcoins like Solana and Ethereum, for example, there could be more room for growth. Is XRP Ready For $150? Analyst Thinks So From the daily chart, XRP is trending above key reaction levels. Notably, the close above $0.55 (now key support) reversed losses posted in mid-April. Additionally, the confirmation of recent gains and the close above $0.62 earlier today could spur demand, extending gains toward $0.74 and eventually $1. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash As optimism reigns, one analyst on X thinks the coin is preparing for sharp gains in the coming weeks and months. Sharing a price chart, the analyst said XRP is breaking out from the local resistance and the multi-year resistance trend line. From his analysis, the trader said XRP just broke from a “massive, 2,351 days resisting trend.” The breakout from the bull flag anchored at the swing high, when prices rose to all-time highs of over $3.20, and the swing low, $0.16, when the coin plunged to $0.16 in 2021, is crucial. In the analyst’s estimation, XRP is now preparing for more gains that could propel the coin to $150 for an over “21,000% climb” from spot rates. Settlement Of United States Versus SEC Case Crucial It remains to be seen how prices will behave going forward. However, one of the key drivers of demand in the coming days and weeks will be the outcome of the ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC). Despite the partial win in July 2023, the regulator wants Ripple to pay a huge penalty of $2 billion. However, things are evolving fast, with Ripple lawyers defending that XRP is not an unregistered security as the regulator alleged. The United States SEC is being accused of regulation by enforcement, forcing crypto innovation elsewhere. During the last Bitcoin conference, former President Donald Trump said if he took over, his administration would fire Gary Gensler, the current head of the Commission. Trump said his plan would be to make America the leader in crypto and even establish a BTC reserve. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? Brad Garlinghouse, the CEO of Ripple, has been critical of the United States SEC. After the agency requested the court to retract their classification of some altcoins, including ADA and SOL, as unregistered securities, Garlinghouse claimed the agency has been acting to fulfill a “political agenda and/or acting on bad faith” against crypto players. Feature image from DALLE, chart from TradingView