Ripple Price Prediction: XRP Continues Lengthy Consolidation As It Gets Overtaken By Polkadot
Daily Ripple XRP Technical Analysis
- Bollinger Band in the daily chart indicates that the price is going through lengthy consolidation.
- The four-hour chart shows that the price is sitting below strong resistance barriers.
Ripple price seems to continue to trend horizontally below the $0.30 psychological level. For the last ten days, the cross border remittance token has been continuing its horizontal trend. Let’s take a deeper look with technical analysis.
Ripple Price Consolidates For 10 Days
Ripple price is currently trending around the $0.275 mark.. As can be seen, the Bollinger Band has constricted considerably and XRP currently trending in a narrow channel. The price is sandwiched between the 20-day SMA and the 200-day SMA, giving it less space to move around.
Image: XRP/USD daily
When we look at the 4-hour chart, we can see that the Ripple price is sitting under the 20-bar and 50-bar SMAs. The MACD also shows increasing bearish momentum. This suggests that the buyers shouldn’t be able to break above these levels any time soon.
Image: XRP/USD 4-hour
Polkadot Flips XRP
Polkadot (DOT) rose over 60% last week and overtook XRP to become the fourth-largest cryptocurrency by market cap. DOT’s market capitalization pushed past $13 billion recently, according to CoinMarketCap. The asset now follows Bitcoin ($696 billion), Ethereum ($136 billion) and Tether ($24 billion).
Polkadot is an interoperability protocol that helps in connecting multiple blockchains. DOT tokens are used to create “parachains” as well as for voting on governance issues. While the Polkadot platform is witnessing drastic development, trading activity is slowing for XRP.
Gatehub Will Not Delist XRP Despite Legal Battle
In the light of the US Securities and Exchange Commission's (SEC) lawsuit against Ripple, several crypto platforms have dropped support for XRP. However, Gatehub - a UK-based exchange - has noted that it will continue to support XRP until there is a clear verdict on the suit confirming XRP’s legal status.
Please be advised that GateHub Ltd. will continue listing XRP until the SEC’s complaint against Ripple is adjudicated and a final decision entered that XRP is properly classified as a ‘security,’ or until we receive a cease and desist notice from the SEC.
The SEC filed a lawsuit against Ripple and its executives Chris Larsen and Brad Garlinghouse. The agency has alleged the company of selling XRP as an unregistered security and making profits from it. XRP’s price has been on a constant decline since the SEC’s lawsuit announcement.
Several top exchanges such as Coinbase and OKCoin halted trading of the asset following the lawsuit. However, Gatehub has assured XRP holders that the exchange will not follow these other exchanges because it is confident that XRP is not a security. Gatehub is built on the XRP Ledger protocol and backed by investor Chris Larsen.
The XRP community has launched a petition against the SEC recently. The petition is asking the US government to recognize XRP as a currency and not a security as the SEC alleges.
Kraken to Halt XRP Trading For Americans
Kraken cryptocurrency exchange is halting the trading of XRP tokens for US customers in the light of the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The halt will be enforced from January 30.
Kraken said the trading suspension will not affect customers’ access to deposit, hold, and withdraw XRP, which will remain available even after trading is halted. It added:
We are monitoring the situation regarding the SEC's filing and will adapt according to any new developments.
Kraken’s announcement comes shortly after Grayscale Investments' dissolution of its XRP Trust earlier this week.
Ripple Price Is Expected To Reach These Levels
We are expecting XRP to continue this horizontal trend for now. Ripple price will continue to trend between the 20-day SMA ($0.27) and the 200-day SMA (0.30).