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Ripple (XRP) has been grappling with a persistent downtrend, recently finding mild support at $0.5250. Despite the slight recovery, XRP price has lost 24% over the past week, plunging from $0.67 to a low of $0.51
This sharp decline is largely influenced by heightened geopolitical tensions, including the ongoing Israel-Iran conflict and the U.S. Securities and Exchange Commission’s (SEC) renewed efforts to appeal a previous ruling that imposed a $125 million fine on Ripple.
Amid this turbulence, crypto markets are stabilizing, with Bitcoin maintaining its $62,000 support, which has contributed to a partial rebound in major altcoins, including XRP.
Market analysts like EGRAG see similarities between XRP’s current trend and Nvidia’s previous price action, suggesting the recent downturn may be temporary. Increased adoption of Ripple’s technology and potential legal resolutions could fuel a strong recovery, possibly pushing XRP’s value higher in the coming months.
XRP has seen a sharp decline, dropping from $0.67 to $0.51, a 24% decrease, due to geopolitical tensions and the U.S. SEC’s renewed appeal against Ripple. The price hit a one-month low of $0.53, down 19% since September 30.
Despite the downturn, analyst EGRAG remains optimistic, drawing comparisons between XRP and Nvidia’s past recovery.
He notes that the $0.50 support level is crucial for buyers, as a rebound could trigger a 14% rise. If XRP falls below this support, it may face increased selling pressure, potentially driving prices down to $0.45 or $0.40.
Key Points:
- XRP Price Drop: Sharp 24% drop due to geopolitical and regulatory issues.
- Support Level: $0.50 is a key support, with potential for a 14% rebound.
- Downside Risk: Breaking below $0.50 could push XRP to $0.45 or lower.
Max Keiser’s Criticism and SEC Appeal Weigh on XRP’s Prospects
On the other hand, Max Keiser, a vocal Bitcoin supporter and former financial journalist, has criticized XRP holders in a recent tweet, claiming that the chances of XRP rallying are virtually nonexistent.
Keiser, who has served as an advisor to El Salvador’s president, Nayib Bukele, since the country adopted Bitcoin as its official currency, shared a short video of a fledgling crow trying to catch a worm but failing to do so. His message was clear: “XRP holders waiting for the rally that is NEVER GOING TO HAPPEN.”
Keiser’s comments come amid ongoing legal troubles for Ripple, as the U.S. SEC has filed an appeal against a judge’s ruling in its case against the blockchain company. This news triggered a significant drop in XRP’s price.
The SEC has yet to clarify which specific issues it is appealing to, but Ripple’s CEO, Brad Garlinghouse, has expressed frustration over the situation, stating that the company will continue its legal battle. Ripple has already spent over $200 million fighting the SEC, including a $125 million fine recently ordered by the court.
Max Keiser’s harsh criticism of XRP, combined with ongoing legal challenges from the SEC, contributes to a bearish sentiment surrounding the coin. His remarks, alongside the uncertainty from the SEC appeal, may further dampen investor confidence and suppress XRP’s price movement.
XRP Price Consolidates in Symmetrical Triangle; Breakout Likely Soon
XRP is consolidating within a symmetrical triangle pattern on the 4-hour chart, indicating an indecisive phase for the digital asset.
The current pivot point is set at $0.5267, with immediate support at $0.5161. A breakdown below this level could lead to further losses, targeting the next support at $0.5070 and possibly $0.4987.
On the upside, XRP faces a formidable resistance at $0.5394. A break above this resistance could propel the cryptocurrency higher, aiming for the next resistance levels at $0.5542 and $0.5651.
The 50-day Exponential Moving Average (EMA) at $0.5352 is acting as a dynamic resistance, reinforcing the barrier at $0.5394.
The Relative Strength Index (RSI) stands at 52, indicating neutral momentum. However, the symmetrical triangle pattern suggests that XRP is primed for a potential breakout. A decisive move above $0.5394 could lead to a bullish trend reversal, while a fall below $0.5267 may trigger a bearish extension.
Traders should monitor these key levels closely, as the symmetrical triangle pattern typically results in sharp price movements once a breakout occurs.
Key Insights:
- Symmetrical Triangle: XRP is trading within a symmetrical triangle, signaling potential for a sharp move.
- Immediate Resistance: $0.5394 remains the key resistance to watch for a bullish breakout.
- Support Levels: A break below $0.5161 could push XRP towards $0.5070, potentially $0.4987.
Conclusion: XRP is at a critical juncture, with a breakout above $0.5394 indicating bullish momentum, while a drop below $0.5161 could accelerate bearish trends.
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