- The price of Ripple (XRP) climbed 2.26% over the past 24 hours and stood at $0.6875 as a result.
- A falling edge pattern has formed on XRP’s 4-hour chart, which suggests a bullish breakout may be in the cards.
- XRP was trading above a medium-term positive price channel on its daily chart and may rise to $0.8570.
The founder of CryptoLaw John Deaton outlined a scenario that would lead to a 99.9% win for Ripple in its long-standing lawsuit with the U.S. Securities and Exchange Commission (SEC). In an X post, the lawyer argued against claims stating that the SEC has a 50-50 chance of emerging victorious.
Instead, Deaton believes the odds are more 90-10 in favor of Ripple. This could even rise to a 99.9% legal victory if Ripple ends up paying $20 million or less as penalties, according to the lawyer.
XRP Current Market Standing
Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 2.26% increase in price over the last 24 hours, taking its price up to $0.6875 at press time. This also put its total market cap at approximately $36.863 billion.
The 24-hour increase added to the remittance token’s positive weekly streak as well. Subsequently, XRP was up more than 19.8% over the past 7 days.
Along with the increase in price over the past 24 hours, the remittance token also recorded an uptick in its daily trading volume. At press time, CoinMarketCap data indicated that the total was up 41.30% and stood at $3,358,890,497.
XRP Technical Overview
The falling wedge chart pattern had formed on the cryptocurrency’s 4-hour chart, which suggested that it may undergo a strong move toward the upside soon. This was after the altcoin’s price dropped below the $0.6800 support level earlier in today’s trading session. Bulls were, however, able to rescue XRP’s price and elevate it to back above this significant mark.
Despite bulls stepping in, the remittance token remains at risk of dropping to $0.6235 in the next 24-48 hours. This bearish thesis may be confirmed if XRP closes a 4-hour candle below $0.6800 through the course of today. Traders may then react negatively to a 4-hour close below this mark, and begin exerting sell pressure on the cryptocurrency’s price.
Should sellers begin to apply pressure on XRP, it may break below the $0.6235 support level to possibly plummet to the subsequent mark at $0.5670 in the following few days. This bearish thesis could be invalidated if XRP remains above the aforementioned $0.68 price point for the rest of today.
In this more bullish scenario, XRP may enter into another leg up to attempt a challenge at the $0.7595 barrier in the following 24-48 hours. Thereafter, if the altcoin is able to flip this barrier into support, then it may look to utilize the strong foundation to continue climbing in the following couple of days. This could lead to XRP rising to as high as $0.8570 in the coming week.
Looking at the daily time frame, XRP was able to break above a medium-term positive price channel that had emerged over the past couple of weeks. Furthermore, the altcoin continued to trade above this range at press time, suggesting that XRP may enter into a strong move towards the upside in the next 24-48 hours.
This bullish thesis may be validated if the cryptocurrency closes today’s daily candle above $0.68. In this scenario, XRP could have the buy support needed to overcome the $0.7595 threshold before potentially rising to as high as $0.8570 in the next couple of days.
Technical indicators on the cryptocurrency’s daily chart suggested that XRP’s price was approaching a peak. At press time, the daily Moving Average Convergence Divergence (MACD) line was breaking away above the MACD Signal line, which could be an indication of XRP’s bullish trend continuing in the coming 24-48 hours.
Investors and traders will want to monitor the MACD Histogram, however, as its gradient was leveling off. This may be a precursor to the altcoin’s trend undergoing a brief bearish reversal.
The daily Relative Strength Index (RSI) supported this bearish thesis as the RSI line was closing in on the RSI Simple Moving Average (SMA) line. Should these two lines cross, it could signal that buyers have lost their advantage against bears, which could lead to XRP’s price pulling back in the following 24-48 hours. This could then lead to XRP dropping to $0.6235.
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