XRP Price Stuck Under $0.5: Is It Time to Accumulate XRP Despite Price Doldrums?

John Isige
June 20, 2023
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XRP Price Stuck Under $0.5: Is It Time to Accumulate XRP Despite Price Doldrums?

XRP price, unlike the bullish Bitcoin and Ethereum, is still sinking in the red. While the largest crypto BTC is up 1.4% on Tuesday and trading at $26,800, XRP is facing up to 2.1% in losses. ETH, on the other hand, dodders at $1,730 with its price staying relatively unchanged in 24 hours.

Attempts to push above $0.5 have been spectacularly futile with the token’s upside capped under the 100-day Exponential Moving Average (EMA). As overhead pressure intensifies into the European session, XRP price is trading at $0.4848.

The nearest support at $0.48 is expected to come in handy, but if push comes to shove, investors may want to start acclimatizing to losses as far as $0.4450 – its lowest point in June.

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Beyond the Ripple vs SEC Lawsuit – CEO Garlinghouse Fights for Regulatory Clarity

Ripple’s CEO Brad Garlinghouse, who was also sued alongside his company by the Securities and Exchange Commission (SEC) for allegedly selling XRP as an unregistered security offering, continues with his battle for regulatory clarity in the US.

In a video shared on Twitter Garlinghouse blasted the SEC for acting in “bad faith, plain and simple.” His remarks came after the release of the Hinman documents, which, the company’s legal representatives hoped would provide clear context on why Ethereum is not considered a security token.

He opined that the Hinman documents implied that the SEC “knowingly created confusion about the rules, and they used that confusion through enforcement.” Ripple’s CEO has for a long time criticized the agency for its regulatory-by-enforcement approach.

Garlinghouse’s opinion stands that the SEC is out to “stifle” innovation and quash the growth of the cryptocurrency sector within the U.S. The focus, he argues, isn’t on any specific digital currency or blockchain technology. Instead, the crux of the matter lies in the overarching approach the SEC has adopted concerning the cryptocurrency landscape.

He stressed the importance of unity within the industry, warning that the SEC might potentially extend its regulatory enforcement to more crypto enterprises down the line.

“Ultimately as our lawsuit comes to a close, for so many others it is just starting, so the fight for clarity has to continue” Garlinghouse stated.

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XRP Investors Feel The Pinch As $0.5 Becomes Elusive

Many investors believed the XRP price drop below $0.5 was temporary and that it would trigger a knee-jerk recovery reaction. The pullback to $0.4575 occurred shortly after the unsealing of the Hinman speech documents. Hence, there was reason to believe XRP still had the momentum to reclaim resistance at $0.5 as well as push to $0.56.

XRP Price Stuck Under $0.5: Is It Time to Accumulate XRP Despite Price Doldrums?
XRP/USD daily chart | Tradingview

If declines continue unabated, the Moving Average Convergence Divergence (AMCD) would validate a sell signal. Investors looking forward to short positions in XRP may want to wait until the MACD line in blue crosses below the signal line in red.

As mentioned earlier, there is a possibility that XRP will bounce off short-term support at $0.48. However, the most critical support, and one that must be defended at all costs lies with the lower ascending trendline.

Breaking and holding below that trendline would drastically change the dynamics for XRP and make it challenging for bulls to push for an immediate recovery. That said, the path with the least resistance is to the upside.

However, traders can prepare by closely watching the support at $0.48 and the ascending trendline. On the upside, resistance at $0.5 must come out of the way to pave the way for near-term gains to $0.56 and the ultimate climb to $1.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.