XRP price analysis: The price of XRP dropped 1.5% in the last 24 hours to trade at $0.47 at press time. The slip in price comes after Bitcoin slid lower from yesterday’s price, inching closer to breaking below a crucial support level. If Bitcoin breaks below this key support, it may spell doom for XRP and the general crypto market.
XRP Price Analysis: 148-Day Falling Wedge About to Breakout
XRP price action has morphed into a giant falling wedge that is dangerously close to breaking out. On the lower side, there is a strong support level tested multiple times in the last 396 days.
On the 4-hour timeframe, XRP price action is trending at the bottom of a 20-day range and may bounce off the current support level to retest $0.50.
XRP chart points to a bullish breakout shortly as the price action is fast running out of space to move in the falling wedge. A breakout to the upside may result in a 55% move that would set the price at $0.72.
On the flip side, the Ripple price action is trending below but close to the 50-day and 200-day simple moving averages (SMA) on the daily time frame.
Furthermore, the XRP 14-day relative strength index (RSI) is at 35, just 5 points above the oversold zone. If it slides into this zone, we may experience increasing selling pressure before a bounce, as an oversold zone is a usual signal of price bottoming out.
Currently, $0.45 is the largest and strongest support level for XRP, but a slide below this could trigger other lower support levels around $0.35, and $0.32.
XRP price may be affected by several things, two of which include the potential approval of an XRP ETF, and Ripple winning their lawsuit against the U.S. Securities and Exchange Commission (S.E.C.).
Ripple CEO Slams SEC Chair as XRP ETF Speculations Increase
Ripple CEO Brad Garlinghouse yesterday took a jab at SEC Chair Gary Gensler because of these remarks concerning crypto. Gensler, addressing an audience on Bloomberg Invest said that all crypto executives go to jail.
“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”
Garlinghouse criticized the comments in a recent tweet on X (formerly Twitter), citing “Gensler will cause Biden to lose the election.”
Absolute nonsense coming from @GaryGensler today.
And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.
If he was really “working for the… https://t.co/c3ynB5Gncl
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
The XRP community is also speculating on the approval of an ETF for the asset after Gensler’s comments on the Bloomberg Index and Financial Times interviews hinted at the potential approval and trading of an ETH ETF soon.
Bottom Line
The XRP price appears poised for potential upward movement, fueled by growing speculation about a possible XRP ETF, among other factors. An ETF approval could significantly impact XRP’s market performance in a positive way.
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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.
