Can XRP price hit $1? Watch these levels next

July 14, 2023 Coin Telegraph

Can XRP price hit ? Watch these levels next

Analysis

XRP price almost doubled after Ripple's legal win against the U.S. SEC. But can its rally continue after nearly reaching $1?

The price of XRP (XRP) has skyrocketed in the aftermath of a federal court ruling saying that its sales on crypto exchanges complied with U.S. securities laws.

On July 14, XRP price retreated by about 10% to $0.76, but compared to its lowest price the previous day, it was still up around 65%.

Related: Why is XRP price up today?

At its highest in the last 24 hours, the XRP/USD pairreached $0.93, its best level since December 2021, just shy of hitting the $1 mark.

*XRP/USD daily price chart. Source: TradingView*

A whale-backed XRP rally

Certain indicators show that XRP's ongoing price pump may not be just a short-term reaction to the positive news for Ripple.

For instance, the duration of XRP's massive pump coincides with its trading volumes reaching a 10-month high. Meanwhile, the number of XRP whale transactions — or wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the richest investors back the XRP rally.

"If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it's a sign of good things to come," noted Brian Q, analyst at data analytics platform Santiment.

*Whale transaction count (>$100K). Source: Santiment*

Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000-10 million token balance.

*XRP supply held by whales. Source: Santiment*

In other words, whales have not sold the rally but actually accumulated XRP, suggesting most want to position themselves for further gains.

XRP to $1 and beyond?

From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak for the time being.

Notably, the pullback on July 14 occurred near a resistance confluence comprising of a multi-year horizontal trendline (purple) and a giant descending trendline ceiling (black).

In addition, XRP's weekly relative strength index (RSI) has turned overbought, raising its correction prospects.

Should a pullback occur, XRP price risks dropping toward its multi-year ascending trendline support near $0.45 by September, down around 55% from the current price level.

Other price targets include the token's 50-week exponential moving average (50-week EMA; the red wave) near $0.48 and 200-week EMA (the blue wave) near $0.50.

On the other hand, an overbought RSI could also result in the XRP price consolidating sideways inside the $0.75-1 range.

*XRP/USD weekly price chart. Source: TradingView*

If XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35, a resistance level from the August-December 2021 session.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities

April 1, 2023 Bitcoin.com

XRP price: ‘sell the news’ moment nears after crypto-leading 20% weekly gain

March 27, 2023 Coin Telegraph

Altcoin

XRP whales have been accumulating since February with only days remaining until the SEC vs. Ripple lawsuit could reach its potential conclusion.

XRP (XRP) price is currently outperforming all other major cryptocurrencies as of March 27, rising over 20% in the past seven days.

XRP accumulation ahead of SEC vs. Ripple ruling

XRP has seen steady gains over the past seven days as the ongoing legal quandary between Ripple and the U.S. Securities and Exchange Commission (SEC) is expected to conclude by the end of March.

Meanwhile, the supply of XRP held by addresses with a balance between 10 million and 100 million tokens has risen by over 1% since February. That coincides with a 0.75% drop in the XRP supply held by the 1 million-10 million address cohort.

*XRP balance in addresses holding between 1,000 and 100 million tokens. Source: Santiment*

The addresses holding between 1,000 and 1 million XRP also increased their token holdings in the same period. That shows the XRP whales stacked up more tokens in the days leading up to the ruling on SEC vs. Ripple's so-called summary judgment.

Multiple observers, including legal expert John Deaton, see Ripple winning the case, arguing that the SEC may have failed to give the company a "fair notice" before suing it for committing securities fraud.

I have no doubt Ripple will win and the current Supreme Court will shut down the @SECGov’s gross overreach. The West Virginia EPA case is all you need to read to agree with me. @Ripple’s summary judgment brief is already an extremely well written appellate brief. https://t.co/o3g9zML9S2
— John E Deaton (@JohnEDeaton1) February 20, 2023

In recent months, Analisa Torres, the federal judge overseeing the lawsuit, has also favored Ripple on various motions. For instance, she has approved Ripple's demand that the SEC makes its internal emails and documents regarding cryptocurrencies public, which may prove that the regulator unfairly targeted the company.

25% XRP price pullback in April?

From a technical perspective, the XRP/USD rally has brought the pair near a resistance confluence zone, which may lead to bearish reversal in the coming weeks.

The confluence comprises of a multi-year descending trendline (black), a 200-3D exponential moving average (200-3D EMA; the blue wave) and a support-turned-resistance horizontal level at around $0.50 (purple).

*XRP/USD three-day price chart. Source: TradingView*

In addition, XRP's three-day relative strength index (RSI) eyes a close above its overbought threshold of 70, adding to the bearish case for April.

In the case of a pullback, the XRP price's next downside target appears at its multi-month ascending trendline support (black) around $0.35, down about 25% from current price levels.

On the other hand, a breakout above the descending trendline will have XRP price eyeing $0.60 as the next upside target.

This level has served as support in December 2021 and January 2022 — and as resistance in the September-October 2022 session. It is also the target of a prevailing bull pennant structure.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP price chart ‘double bottom’ puts next bullish target at $1

August 11, 2021 Coin Telegraph

<div>XRP price chart 'double bottom' puts next bullish target at </div>

Coin Telegraph

The classic "double bottom" pattern's success rate of hitting its profit target lies around 78.55%.

Ripple's XRP token could hit $1 in the coming sessions per a classic technical chart setup.

Dubbed as "double bottom," the trend reversal indicator appears after the price bottoms out at a level, rebounds toward a higher resistance level, and then pulls back to or near the first bottom level, only to rebound again to the previous resistance line (also called neckline).

Should the price close above the neckline, it anticipates an extended move upward, the length of which equals the total height between the neckline and the bottom level. So it appears, XRP is closer to executing the said pattern entirely, as shown in the chart below.

*XRP double bottom setup in play. Source: TradingView.com*

XRP/USD formed the first bottom at $0.65 on June 22 and rebounded towards its neckline resistance at $0.75. It fell again to log the second bottom level at $0.51, followed by another retracement toward the $0.75-resistance and a subsequent breakout.

In other words, XRP has a decent chance to test $1 as its double bottom pattern's profit target.

In fact, research conducted by Samurai Trading Academy shows that double bottoms have a 78.55% success rate.

On the flip side, XRP's daily relative strength indicator, or RSI, alerted about its interim excessive valuations. At 72.29, the RSI reading was two points into the overbought region, hinting at an imminent sell-off period in the sessions ahead.

Fundamentals

XRP price surged by 77.39% to $0.91 after bottoming out at $0.514 on July 20.

A majority of its gains came in the wake of a market-wide upside rally, led by the euphoria surrounding Ethereum's milestone software update.

The ETH/USD exchange rate surged 89.13% to $3,235 after bottoming out on the same date as XRP—on July 20—at $1,718.41. As a result, it appears XRP merely tailed the crypto market trend, thanks to its 0.69 positive correlation efficiency with Ether, as per the 30-day average data collected by CryptoWatch.

SEC vs. Ripple update

In the latest events, the U.S. Securities and Exchange Commission (SEC) failed to turn up the internal documents despite two orders from Judge Sarah Netburn on request from the defendant, Ripple Labs.

In detail, Ripple Labs had filed a motion in early June to compel the SEC to turn over its internal communications regarding XRP's rival cryptocurrencies, Bitcoin and Ether. Judge Netburn approved the motion, but SEC did not deliver even a single document.

Financial Feeds noted that Judge Netburn can order monetary sanctions against the SEC for not complying with a court order. More so, she can even dismiss the U.S. securities regulator's case against Ripple Labs should the former remain uncooperative.

Meanwhile, SEC chairman Gary Gensler asserted in his response to Senator Elizabeth Warren that their means to determine whether a crypto asset is a security or not is clear, adding that:

"The SEC has taken and will continue to take our authorities as far as they go [...] We haven’t yet lost a case."

I find it funny He pointed out they had never lost a case. That is because most don't have the capital or willing to risk everything to continue to fight a rigged fight. Unfortunately for @SECGov they have Met their match with @Ripple
— JIM MARSHALL XRP (@jimmars74259096) August 11, 2021

The SEC vs. Ripple lawsuit, which started in December 2020, damaged XRP's investment prospects. The Ripple token's value fell by almost 80% in a month (to $0.168). It also faced delisting across regulated exchanges, including Coinbase, Bitstamp, Crypto.com, OKCoin, Wirex, and others.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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