XRP’s potential to revolutionize the financial transactions and fund transfer domain have taken it to new heights. While the SEC v/s Ripple case is still prolonging, the faculty description presented by SEC and the final court ruling will be charting the future course of action on XRP.
XRP’s market capitalization has marginally improved from the lows of May 2022, and it showcases a strong uptrending potential. With a $23 billion market cap, XRP holds a firm 6th position with no room for its competition. The price action has showcased much more stability since the recent revelations of the SEC lawsuit progress.
XRP price action in the short term showcases a strong negative movement with subsequently stronger buying sprees. But the lack of breakout in either direction indicates a consolidation phase is in existence.
XRP token can be confirmed moving with a consolidation stance as support of $0.44 is strong, which allows buyers to take advantage of a short profit. Likewise, previous jumps from this region resulted in a decent price rise in two days.
RSI on hourly charts is not much stronger as they trade under level 60, with MACD showcasing promising potential. The movement of MACD towards the positive axis will surely act as a technical movement to incite buyers to acquire more XRP tokens.
On daily charts, buyers are trying their best to stop XRP’s further decline below the lower band of $0.44, with resistances becoming stronger at $0.51. The resultant gap has constrained the price movement, and it would be difficult for a breakout trend and higher price action.
The resultant movement might be slow and steady, but XRP has declined below its 200-day exponential moving average, which can be tied to the possibility of a profit booking at any time. Since other cryptocurrencies are also holding above their respective price bands, the hope of uptrending movement continues to grow.
As per the price action-based possibilities, 100 EMA is still considered strong support, which would aid in the overall improvement of XRP prices in the coming days. If not, 100 EMA curves can at least work as a strong term support level, allowing buyers to exit from a possible long-term trap. Technical indicators such as RSI can be seen taking an upside jump, but MACD has been on a nosedive movement.
