Ripple Price Analysis: XRP Is Now Back Below $1 Psychological Level
Daily Ripple XRP Price Forecast
- Ripple price volatility is on the rise in the 4-hour timeframe.
- The buyers aim to cross the 20-day SMA.
On May 30 and May 31, the Ripple price jumped up from the $0.827 support line and encountered resistance at the $1.04 barrier. Since May 22, the Ripple price has been trending in a narrow $0.27 channel between $1.04 and $0.78.
Bears Snatch Back Control From The Bulls
Having hit the $1.04 resistance barrier, the Ripple price has been trending horizontally for a bit. Previously, this Tuesday, the buyers tried to push XRP up to $1.10 before encountering the 20-day SMA. The MACD has reversed from bearish to bullish.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, XRP is sitting on top of the 20-bar SMA having formed the bullish cross with the 50-bar SMA. The Bollinger Band was constricting to show decreasing price volatility. However, the Band has since started to expand again to show rising volatility.
Image: XRP/USD 4-hour
Michael Arrington Stands With Ripple
In a recent "Thinking Crypto" interview, Michael Arrington, the founder of TechCrunch, shared his views on Ripple. When asked about the SEC lawsuit and the US regulation by the host, Arrington disregarded the SEC and Clayton, ex-Chairman of the SEC. The founder said that Clayton was corrupt, a "government employee who was dishonest in a financial way."
Arrington’s frustration appears to mainly have circled the fact that Clayton sued Ripple, left the SEC, and joined a hedge fund. Interestingly, even though the current SEC Chairman received decent support from the crypto community, Arrington thought otherwise. He stated:
Putting faith in politicians and bureaucrats- not too sure about that.
However, Arrington remains hopeful about two things. One, Ripple coming out of this mess as "healthy." Second, Congress and the SEC to work towards more transparency in regulations to clean the frenzy.
Irrespective of the developments around XRP, he remains bullish in the long term. He added:
What ripple is doing is legitimate, it’s a real company, 100s of employees believe in the mission and sometimes it just boils down to scam coins designed to hurt retail investors, there’s just no evidence of that. Funny people think Ripple is the devil when there are actual scam coins in the top 20 list, they somehow get a pass.
Ripple Price Is Expected To Reach These Levels
Looking at the daily Ripple price chart, XRP is hovering horizontally below the $1.04 resistance barrier.