Monday, July 22, 2024

XRP wary of exhaustion on the upside with history of 65% price crash.

Ripple’s XRP is treading carefully as its ongoing upside retracement risks exhaustion and triggering a 65% price crash. The native token gained nearly 30%, climbing to $0.36 on June 24 – just four days after rebounding from its lowest level of $0.28 since January 2021.

At the time of writing this article, XRP was trading at $0.37. It has been up 13% in the last 24 hours, as per data from CoinMarketCap. If the rally continues, the token could extend to $0.41. But a bullish reversal setup meets its profit target at a 61% success rate.

Thomas Bulkowski, a veteran crypto analyst, said it appears XRP’s case falls in the 39% failure spectrum. There’s a conflicting technical signal presented by its 200-4H exponential moving average. Experts believe that XRP’s 200-4H EMA previously served as a strong distribution signal. The token in April 2022 attempted to break above the wave resistance multiple times. But it only faced rejections and fells a massive 65% to $0.28. Similarly, the breakout stalled midway after the token retested the 200-4H EMA as resistance on June 23. XRP anticipates further bias confirmation and risks an April-like price decline.

But the Federal Reserve’s hawkish policy further strengthens XRP’s bearish bias. And there’s a high chance of Ripple winning the lawsuit filed by the US Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. This could negate the bearish setups.

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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