XRP Price Prediction: Will Market Uncertainty on Ripple Vs SEC Case Push $XRP Below $0.5?
Highlights
- The XRP price may witness a prolonged correction until the downsloping trendline is intact.
- A long wick rejection at $0.57 highlights a high supply region for buyers.
- The intraday trading volume in the XRP is $1.146 Billion, indicating a 4.79% loss.
XRP Price Prediction: The altcoin market has witnessed a slowdown in its recovery momentum as Bitcoin faced overhead supply at $65000. The BTC price below $62000 on Wednesday is raising fresh correction possibilities for a majority of major altcoins, including XRP. This native currency of the Ripple network has recently reverted from $0.57 resistance and maintained its bearish outlook with the formation of a new lower high.
Also Read: 4 AI-Based Altcoins Outpacing Bitcoin, Ethereum, XRP In 2024
Overhead Supply at $0.57 Puts XRP Under Long Correction Threat
For nearly two months, the XRP price has witnessed a steady correction trend under the influence of a downsloping trendline in the daily chart. The dynamic resistance has plunged the asset from a $0.744 high to the current trading price of $0.522 registering a 30% loss.
Furthermore, the SEC has recently filed its final reply in the remedies phase of its lawsuit against Ripple Labs, countering Ripple’s claims of non-recklessness and clarity in XRP’s legal status. Despite Ripple’s argument that the court’s previous rejection of its “fair notice” defense should not introduce uncertainty regarding XRP, the SEC remains firm in its position.
The commission stresses that potential future violations by Ripple could occur even though there have been no breaches since 2020. The SEC asserts that assurances of changed behavior from Ripple do not eliminate the need for injunctions to prevent future legal infractions.
Amid the SEC’s recent filing, the XRP price wavers in uncertainty around $0.53. The recent reversal from the downsloping trendline has plunged the XRP price by 5% in the last 48 hours.
If the selling momentum persists and overhead resistance is intact, this altcoin could tumble another 9.5% to hit $0.47 support.
Therefore, for buyers to regain control over this asset they must breach the overhead trendline.
Technical Indicator:
- BB Indicator: The squeezed range of the Bollinger Band indicator highlights the increasing uncertainty towards this asset at current market dynamics.
- Relative Strength Index: The daily RSI slope turned down from 50% midline indicating the market sentiment shifting to bearish sentiment.
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