XRP price analysis: In the past 24 hours, the price of XRP has risen by 3.3%, reaching $0.434 during European business hours on Tuesday. Despite this increase, the asset continues to face resistance at the $0.45 level, with current market conditions keeping it below this threshold. Investors might consider preparing to buy more XRP at potentially lower prices.
XRP Price Analysis: Weak Bullish Momentum Hints At An 18% Pullback
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Following the recent Bitcoin sell-off that saw the entire crypto market enter panic mode, XRP price broke out to the downside of a consolidation zone on July 4, crashing to a low of $0.382. The price of XRP quickly rebounded and stabilized around $0.43. Today, with Bitcoin’s price in the green, XRP has also mirrored this positive trend.
The price action of XRP is trending below the 21-day, 50-day, and 200-day simple moving averages (SMAs). The 21-day SMA is the nearest overhead resistance for the XRP price, around $0.445. The XRP relative strength index (RSI 14) is trending near the oversold (OS) region at 38. If the XRP price moves lower the RSI may drop into the OS zone, typically characterized by high selling momentum. On a positive note, the RSI in the OS region presents a great opportunity to buy in as the market believes the asset is undervalued.
The current price of XRP is in a precarious position as there is little to no support for this level in XRP’s price history. XRP price prediction shows the asset may rise by 7% to test the 21-day SMA as it attempts to break back into the previous range. If the bull succeeds, the XRP price may rise above the 50-day ($0.484) and 200-day ($0.531) SMAs to test the upper boundary of the range, around $0.545.
On the flip side, if the bears prevail, XRP may drop 18% from the current price to hit a low of $0.34, which coincides with the next decent support level for the asset. Key support levels on the way down include $0.40 and $0.36.
Court Reveals A Date that Could Impact XRP Price
The court has scheduled a date for further motions and hearings on unresolved claims in the Ripple lawsuit. July 26 is a crucial day for Ripple’s legal motions and could influence the price of XRP.
American lawyer Fred Rispoli predicts that July 31 may mark a significant turning point, potentially signaling the end of the Ripple lawsuit.
When are you expecting the ruling to come in? I expected it around June 20, but apparently delayed again
— Crypto Moon Amsterdam ❌❌ ❌ (@CryptoAms020) July 2, 2024
Rispoli also anticipates a penalty of no more than $25 million and no disgorgement.
Bottom Line
XRP’s price potential decline to $0.35 may catch the attention of investors, as this level presents a potential buying opportunity. Market participants perceive this as a favorable entry point, anticipating a possible rebound from this support zone.
Frequently Asked Questions (FAQs)
1. When is the next Ripple case hearing?
The next hearing for the Ripple case has been set for July 16.
2. Will XRP ever reach $1?
Yes, its is possible for XRP price to soar to $1 as long as it wins its case against SEC.
3. Can you buy XRP on Binance?
Yes. XRP is listed on Binance for trading.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
