- Judge Jed Rakoff’s dismissal of the XRP vs SEC ruling has caused investors to question XRP’s future.
- XRP had fallen below the crucial support level at $0.6850 over the past 24 hours.
- At press time, XRP was changing hands at $0.6712 following a 24-hour loss of 3.26%.
The price of Ripple (XRP) printed a 24-hour loss as investors began to question its long-term prospects. The future of the remittance token is no longer secure following Judge Jed Rakoff’s dismissal of the differentiation argued in the Ripple lawsuit in recent days. As a result, there is a high possibility that XRP could plummet, erasing the gains made in the previous month.
XRP’s price closed yesterday’s trading session below the 20-day EMA line at $0.6893, which resulted in a continued drop to below the crucial support at $0.6850 as well. If the altcoin closes today’s trading session below this mark, it may be at risk of falling to the 50-day EMA line in the next few days. This will see it fall to $0.6241.
This EMA line will be the remittance token’s last line of defense protecting it from a retest of the next major support level at $0.5890. If bulls are overcome by sell pressure at this point, then XRP’s price could drop to the key resistance level in the following 24-48 hours.
This bearish thesis will be invalidated if XRP is able to close a daily candle above the aforementioned $0.6850 price point within the next 48 hours. In this scenario, XRP may attempt to rise to $0.7660 in the upcoming week. Before entering into a long position for the remittance token, traders may want to wait for the altcoin’s price to break above the 9-day EMA at $0.6999.
From a short-term perspective, a bullish falling wedge chart pattern had formed on XRP’s hourly chart. If this pattern is validated throughout today then the cryptocurrency’s price may climb to $0.6895 before the end of today’s trading session.
If this momentum continues, the altcoin’s price may continue to rise to $0.7037 in the following 48 hours. On the other hand, if the bullish chart pattern is not validated, then XRP’s price could fall to as low as $0.6596.
At press time, XRP was changing hands at $0.6712 according to CoinMarketcap. This was after the remittance token’s price fell by 3.26% over the past 24 hours. This negative daily performance forced the cryptocurrency’s weekly performance further into the red to -5.70%.
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