Thursday, July 25, 2024

XRP price struggles to gain above $0.65 despite Bitcoin hitting $38,000 three times in one week.

The prices of Bitcoin (BTC) and Ripple (XRP) do not exhibit parity. While Bitcoin has managed to go upward and challenge the $38,000 psychological mark for the third time in a week, Ripple’s price remains below $0.6500, despite both of them ranking among the top three cryptocurrencies.

Bill Morgan, a legal expert, questions the theory that selling pressure is the reason for the stunted price of ripples based on this comparison.

Investors are on the edge of their seats right now due to the ripple price. They still recall September 4, when Stuart Alderoty, CTO of Ripple, expressed his opinion that XRP might eventually become the global reserve currency. He believed that the majority of people on the planet would be content if an uncontrollable currency served as the global reserve.

Ripple could settle with the US SEC on November 30.
Rumors have surfaced regarding a potential settlement between Ripple and the SEC following a report indicating the financial regulator will meet behind closed doors on Thursday. The XRP community is keeping a close eye on the clock, but neither the meeting’s topic nor the identity of the other attendee are known at this time.

In the event that a settlement materializes, XRP holders may become extremely optimistic and engage in a buying frenzy. This is a result of the Ripple community’s cultic following, which is known for running with good news.

Therefore, the current downturn may present a buying opportunity before a settlement is reached. The price of Ripple may increase by 10% to 30% if past performance is any indication. This is similar to what happened when Judge Analisa Torres decided that XRP was only a security when it was offered to institutional investors.

The future price of XRP when Morgan retracts sales was causing the Ripple price to decline.

The price of Ripple (XRP) has dropped 1% over the past day as trade volume has decreased by 2%, but community members are still eager to profit from any positive developments in the ecosystem. This is demonstrated by the Relative Strength Index’s (RSI) position, which for days, has been indecisive and hovers just over the 50 mark.

At $0.6142 and $0.5967, respectively, the 25-day and 50-day Exponential Moving Averages (EMA) are where the price is stuck. A decisive move out of this price range, whether upward or downward, will likely establish the future trend.

In order to validate an upward trend, the price of Ripple needs to enter the supply zone that spans from $0.6582 to $0.7186, break above its midline at $0.6857, and close above it. A move like that would lay the stage for XRP to hit the psychological milestone of $0.7000.

On the other hand, the ripple price can be exposed to a cliff that results in a 10% decline into the consolidation area between $0.5392 and $0.5750 if it breaks and closes below the 50-day EMA at $0.5967.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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