Ripple has faced a lot of bearish action ever since the $XRP token was delisted by many exchanges after the legal clampdown by the SEC. However, Ripple has defended itself strongly and the $XRP cryptocurrency might reverse its fortunes especially if the verdict is in its favor. The court battle has however extended with no signs of an early resolution yet in spite of many rumors.
Ripple ($XRP) 5-day chart
Pic Courtesy: Trading View
On the 1 month chart, $XRP shows a lot of consolidation but the price has retraced many times after facing twin rejections near the $0.05 region. $XRP is currently trading between a narrow range of $0.046 to $0.049 but the $0.05 region remains a strong resistance zone. A clear breakout will be confirmed by rising volumes and hopefully, $XRP can rise above the $0.05 price level soon.
The Relative Strength Indicator analysis also confirms a bearish pattern for the $XRP cryptocurrency at least in the short term. The RSI has mimicked $XRP volumes and in spite of the indicator rising above 50, the price of $XRP has not risen indicating a bearish rally in the future. A bearish divergence seems to have engulfed $XRP price action preventing a clear rally above the $0.05 level.
As per a popular cryptocurrency analyst on Twitter, Ali_charts, in spite of the $XRP price falling between June 22 to June 28, whales bought huge volumes which again confirms consolidation for the Ripple coin.
A lot of price action in the case of Ripple will be determined by the SEC verdict and whales seems to be accumulating in anticipation of a positive verdict. The SEC has found it difficult to prove its allegations in court and Ripple has scored some minor victories. Even a settlement might mean a win for $XRP as it would remove listing hurdles for the Ripple cryptocurrency and exchanges would be willing to relist it.
Another popular analyst, Michael van de Poppe echoed similar sentiments as he tweeted that Ripple did not display any clear patterns but a retest of $0.05 region might be likely.
The time for buying and accumulating altcoins might be now as generally 8-12 months before Bitcoin halving, an altcoin run is seen. Will history repeat itself and will $XRP witness a new bullish rally?
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
