Ripple Price Prediction: XRP Hovers Horizontally Around The $0.62
Daily Ripple XRP Technical Analysis
- Ripple price has re-entered the Bollinger Band.
- The RSI is trending horizontally near the oversold zone.
Between May 19 and June 22, the Ripple price crashed by 66% dropping from $1.59 to $0.54 and flipped both the 20-day and 50-day SMAs from support to resistance. At the same time, XRP managed to reverse the parabolic SAR from positive to negative. Let’s take a closer look.
Ripple Price Drops After Rejection At Crucial Level
On June 23, the Ripple price bounced up from the $0.54 support wall to $0.67 till June 24. Following that, XRP dropped to $0.62 and is stuck below the 20-day and 200-day SMAs. The relative strength index is floating along next to the oversold zone, as such the buyers have a lot more room to grow the Ripple price.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price has dropped from the upper Bollinger Band to the lower Band falling from $0.678 to $0.587 – flipping the 20-bar SMA from support to resistance. Since then, XRP had jumped to $0.62, reversing the MACD from bearish to bullish. However, 20-bar SMA has stopped Ripple from going up any further.
Image: XRP/USD 4-hour
Ripple CTO on SEC lawsuit
In a recent episode on Thinking Crypto, Ripple CTO David Schwartz reiterated talking points previously presented by both Ripple and Garlinghouse. He said:
Everbody has been asking them [SEC] for some sort of policy or some sort of guidelines or some way to figure out what’s allowed and what’s not and they have just not offered any clarity.
He added that in the face of the United States’ inherent jurisdictional difficulties, the SEC has "left everything in limbo and it’s just driving innovation out of the United States.” During an earlier CNBC video, Ripple's CEO Brad Garlinghouse expressed a similar thought. At the time, He had said:
It is the only country on the planet that has said XRP is anything other than a currency, Whether it’s Japan, the UK, Switzerland, Singapore – they all view XRP as a currency.
The status of XRP is a crucial aspect of the ongoing litigation, especially since the plaintiffs have claimed that the SEC’s lawsuit has significantly hurt XRP’s markets both home and abroad, especially its liquidity.
Schwartz, in the aforementioned video, also touched upon why he feels a project using XRP as native tokens is the best bet. He said:
Here, you don’t have a distribution problem. You don’t have people trying to figure out how to distribute the asset. You don’t have selling pressure from people trying to pay their taxes when you give them the asset. It makes more sense to use an established digital asset. It’s easier for people to monetize it.
Ripple Price Is Expected To Reach These Levels
The Ripple price has to break above the 20-day and 200-day SMAs in the daily chart to reverse the parabolic SAR from negative to positive.