XRP price dropped 0.9% in the last 24 hours to trade at $0.474 during European business hours on Wednesday. The drop in price comes as Bitcoin barely recovers the $60,000 support following a sharp decline on Monday. Bitcoin price was trading around $61,956 at press time.
XRP Price May Hit $0.54 If this Chart Pattern Completes Forming
The price of XRP broke downwards from a symmetrical triangle on June 7. Zooming out, the chart pattern was part of a non-bullish chart formation. XRP price found support around $0.45 before retesting the lower trendline of the symmetrical triangle and continuing to go lower as per CoinGecko. This was a classic textbook breakout and retest trend.
XRP is trending below the 50-day and 200-day simple moving averages (SMA), with the former providing resistance around the $0.5 level.
However, the XRP price is at a crucial level currently. Part of the chart formation indicates a double bottom is forming, while the other market structure spells more downside movement for the asset.
If the price action resolves in a double bottom pattern, XRP may experience a 14% rally which will set it at $0.54. On the flip side, if the price action breaks the current support, it may drop further to $0.42 before bouncing back up.
XRP monthly chart shows an extremely bullish scenario that results in the asset surging to $700. However, this will greatly hinge on how their lawsuit pans out.
Bitcoin price on the other hand briefly dropped below the key support level of $60,000 in the wee hours of Monday morning, inciting panic across the entire market. Bulls reacted swiftly, pushing the price back above this support zone.
Nevertheless, the BTC price is still trending below the 50-day SMA with a relative strength index (RSI) barely above the oversold level.
The 200-day SMA provides a strong support level around the $60,000 price tag as well, further reinforcing the support structure in that zone.
Ripple-SEC Settlement Could Arrive as Early as July
Ripple and the U.S. Securities and Exchanges Commission (S.E.C.) have been directed to revise their motions-to-seal portions of their briefs.
The parties have until July 8 to submit the updated documents in court. A court decision will follow shortly, setting the stage for what could be a landmark settlement.
TA analyst MekaMark targets between 100X and 300X with XRP within the next 24 months. Additionally, he expects a $30-$32 XRP sooner unless Ripple loses to the S.E.C.
Bottom Line
The XRP price has been suppressed for long enough, pumping only a few cents while other projects skyrocket. The outcome of the upcoming final settlement may trigger extreme price volatility for the asset.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
