XRP’s inability to make significant price movements despite its high market volume has made it one of the biggest uncertainties in the market. The ongoing lawsuit between the SEC and Ripple is putting pressure on XRP, causing it to move further away from the elusive $1 mark.
Current Status of XRP
Looking at the recent price movements, some believe it may be premature to discuss XRP’s decline. Analyst TradingShot remains optimistic about XRP’s potential rise. In his analysis, TradingShot notes that XRP has been below its weekly moving average since April 8, 2023. Additionally, the analyst believes that XRP is at the base of a triangular structure formed after reaching its all-time high in January 2018.
The formation seen in the chart below resembles the one from the ATH period in December 2013, which was sharply broken upwards in March 2017. Another indicator highlighted by the analyst is the Relative Strength Index (RSI), which currently points to 40. Historically, this level has been seen as a long-term buying opportunity. A low RSI level generally indicates a drop in the asset’s price, which can be viewed as a buying opportunity for investors.
How Much is 1 XRP in Dollars?
The analysis suggests that XRP might move towards peak points in the cycle, calculated based on its rise above the moving average. However, if resistance cannot be broken, it could indicate potentially larger price drops.
As of the time of writing, XRP is trading at $0.4762, following a 1% increase in the last 24 hours. Additionally, the market volume has returned to $26.5 billion after yesterday’s decline.
Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
