On the basis of the latest news, here is a forecast of the value of the Ripple (XRP) crypto and an overview of the current price.
By the looks of it, XRP is down 7% on a weekly basis, facing the key support level. Below are the details.
Ripple (XRP) value forecast
Ripple rejected a key resistance level weeks ago and showed signs of weakness. After the price fell to a seven-week low, it recovered abruptly and remained calm for a while before resuming pressure.
XRP’s performance was rather unimpressive for a few days due to the ongoing slump in the crypto space. It has seen a substantial loss since the price fell from $0.433 resistance in January.
It continued to roll over this week as selling pressure strengthened at the $0.354 level with a sharp rejection. The price quickly rebounded from the level and moved up to where it is currently consolidating at $0.368.
The asset regained pressure yesterday as bears continued to gain dominance.
Today’s slight recovery in Bitcoin‘s price has no impact on XRP. We can expect the price to continue falling for the next two days. The price is facing support at the moment.
While the four-hour chart reveals that the price remains in the midst of consolidation, the daily charts continue to paint red as more action is underway.
Bears are preparing to claim lower levels. Bulls show no sign of interest as they continue to remain weak. Meanwhile, price action has been relatively insignificant for several days due to low selling volume.
Trading volatility is considered moderate on a daily basis. Considerable price movement should be expected as soon as volumes enter the market.
In an attempt to break down the current support at $0.366, the potential level to watch out for is at $0.35, followed by $0.33 before dropping to $0.3.
If a recovery comes into play, resistance levels of $0.384 and $0.4 could be revisited. A rise above these levels could push the price up to $0.42 and $0.44.
For now, the bears are gaining the upper hand.
Ripple gains the edge in the SEC lawsuit
Global cryptocurrency market capitalization fell about 1.5% Thursday as pressure from sellers takes over.
The largest digital assets, Bitcoin (BTC) and Ethereum (ETH), showed red indices as Ripple’s native token, XRP, managed to gain control over bears during the recent dump.
XRP emerged as one of the highest-gaining cryptocurrencies while the cumulative market capitalization of digital assets fell below the crucial $1 trillion threshold.
However, XRP turned out to be the biggest gainer among the top ten cryptocurrencies. The price of XRP has risen nearly 4% in the past 24 hours, beating the ongoing sellers’ sentiment.
According to data, Ripple’s native token turned out to be the only cryptocurrency among the top ten largest digital assets to show green indices over the past 7 days. The price of XRP has risen more than 2% in the past 7 days, while the price of Bitcoin has fallen more than 7%.
XRP is trading at an average price of $0.387, at the time of printing. However, its 24-hour trading volume increased by 21% to $1.9 billion.
In addition, the legal dispute between the US SEC and Ripple has seen some progression toward the long-awaited summary judgment.
US District Judge Analisa Torres withdrew rulings on the motion to preclude expert testimony raised by the parties.
The judge granted the requests of Ripple and US SEC in part by holding summary judgment and trial in view. According to the data, whales moved more than 208 million XRP (worth about $61 million) in multiple transactions in the last 24 hours.
The largest transaction recorded by the tracker was the movement of XRP tokens worth $58 million through the whales’ wallets.
Ripple value: likely scenarios fueling the bullish trend
XRP broadens its base of relevance, as evidenced by its rising price. With mixed prospects in the digital currency ecosystem today, XRP has joined the list of altcoins that have decoupled from Bitcoin’s (BTC) dominant price effect in the short term.
The cryptocurrency is at $0.3869, up 6.01% at the time of writing. Indeed, XRP is gradually erasing the deficit accumulated over the past week.
It is quite difficult to catch XRP in a steady bullish trend because of the current uncertainty surrounding its status as to whether or not it is a stock.
With the lawsuit that has tangled its associated payments company Ripple Labs Inc and the US Securities and Exchange Commission (SEC) gradually approaching its expected end, the coin’s strongest supporters seem to be on a rampage today.
The totality of the fundamentals driving interest in buying XRP hinges on its growing utility as a payment token in several jurisdictions.
Ripple has signed several partnerships with other payment start-ups around the world, a move that has positive undertones for XRP in the long run.
The optimism surrounding XRP also depends on the fact that in the current case against Ripple, the token would gain the necessary foothold in countries where its operations can proceed unhindered.
