- The price of Ripple (XRP) rose 4.06% over the last 24 hours according to CoinMarketCap.
- XRP’s price recently broke above a key resistance level at $0.5252.
- A close above the 9-day EMA line today will result in XRP’s price rising in the next 24-48 hours.
John Reed Stark, a former official of the U.S. Securities and Exchange Commission (SEC), has cautioned the XRP Army about a recent development in the ongoing legal dispute between the SEC and Ripple Labs. The SEC sent a letter to the court citing a decision made on April 7 in the SEC’s case against Commonwealth Equity Services over alleged disclosure violations.
According to Stark, the letter highlights Ripple’s weak “fair notice” defense and stresses that ignorance of the law is not a valid excuse. The SEC claims that the Commonwealth decision supports its position that Ripple should be registered with the SEC per the Howey Test.
Stark also observed that the SEC has gone to unprecedented lengths to make its views known about digital assets, using multiple channels to share concerns about crypto, digital trading platforms, and other digital asset products and services. He further suggested that claiming a lack of clarity and fair notice amidst the SEC’s concerted efforts towards crypto-related transparency would be “disingenuous” and “ill-advised.”
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 4.06% increase in price in the last 24 hours, taking its price up to $0.5286 at press time. This also puts its total market cap at approximately $27.366 billion at press time.
XRP was also able to strengthen against the crypto market leader Bitcoin (BTC) over the last 24 hours. Currently, XRP is up 1.47% against BTC. Unfortunately, XRP was outperformed by the leading altcoin, Ethereum (ETH), during this time period and weakened 4.57% against the largest altcoin in terms of market cap.
The 24-hour rise in XRP’s price has flipped the remittance token’s weekly price performance into the green at press time. As a result, XRP’s weekly price performance currently stands at +3.91%.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price was able to break above the resistance level at $0.5252 over the last 24 hours. The altcoin’s price attempted to do the same with the resistance level at around $0.5492 but was rejected by the key price level. This rejection caused XRP’s price to pull back to trade at its current level.
The 9 EMA line on XRP’s 4-hour chart recently crossed bullishly above the 20 EMA line, which signals that XRP’s price has entered into a short-term bullish cycle and may rise in the next 24-48 hours.
The RSI indicator on XRP’s 4-hour chart, however, suggests that XRP’s price has reached a peak and may retrace further in the coming 24-48 hours. Should this retracement take place, XRP’s price will likely drop to the 9 EMA line level at around $0.5174.
Should XRP’s price proceed to lose the support of the 9 and 20 EMA lines on its 4-hour chart, then it will look to make a move towards $0.4964 in the next couple of days.
Daily chart for XRP/USDT (Source: TradingView)
A significant bullish flag has triggered on XRP’s daily chart recently, with the daily RSI line crossing bullishly above the daily RSI SMA line in the last 48 hours. With the RSI at around 62, there is still room left for the altcoin’s price to move up in the coming days.
XRP’s price is currently resting on the 9-day EMA line. If it closes below this level at the end of today’s trading session then it will look to drop down to the 20-day EMA line, which lies around the previously-mentioned support level at $0.4964.
On the other hand, a close above the 9-day EMA line will see XRP’s price rise to $0.5485. XRP’s price overcoming this level will result in the remittance token’s price rising to $0.5918 in the coming 24-48 hours.
There is U.S. economic data being released later today. The first piece of economic data that will be released is the Retail Sales MoM. Then later this evening, the Michigan Consumer Sentiment will be released. Both pieces of economic data may only have a slight impact on XRP’s price in the next 24 hours..
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Read More Crypto Price Predictions:
- Cardano Price Prediction 2023-2030: Will ADA Price Hit $1.5 Soon?
- XRP Price Prediction 2023-2030: Will XRP Price Hit $1 Soon?
- Cronos Price Prediction 2023-2030: Will CRO Price Hit $0.25 Soon?
- Dogecoin Price Prediction 2022-2030: Will DOGE Price Hit $0.35 Soon?
- Terra Luna Classic Price Prediction 2023-2030: Will LUNC Price Hit $0.0003 Soon?