Markets
XRP Drops 12.24%, But Analysts Rebound To $27: What Happens Now?
- XRP fell to $0.40, a drop of 12.24% in 24 hours.
- Ripple’s legal case with the SEC remains crucial, with potential outcomes significantly influencing the future performance of the XRP market.
THE cryptocurrency market has seen substantial declines in recent days, with global market capitalization falling by more than 7%.
This economic slowdown has had considerable repercussions XRPwhich has experienced a sharp drop in value.
At the time of writing, XRP was trading at $0.400692with a 24-hour trading volume of $2,099,990,889. The token has fallen by 12.24% in the last 24 hours, mirroring the overall market trend.
XRP Press Time CoinMarketCap The ranking was #7, with a real market capitalization of $22,327,796,369.
XRP Price Predictions
On July 3, when XRP was valued at around $0.46, analyst EGRAG CRYPTO note that the token was approaching a crucial resistance level, specifically the 1.618 Fibonacci level.
The analyst suggested,
“If history repeats itself halfway, then we’re aiming for $27.”
This optimistic prediction, however, contrasts with the current downward trend observed on the market.
Source: EGRAG CRYPTO/X
An important factor that influenced the future price of XRP is the trial in progress between Ripple and the United States Securities and Exchange Commission (SEC).
The legal dispute began in December 2020, with allegations that Ripple and some of its executives conducted an unregistered securities offering by selling XRP tokens.
The outcome of this case will have a significant impact on the performance of the XRP market. A favorable resolution for Ripple could potentially lead to a rise in the price of XRP.
Technical analysis
Indicators such as the Moving Average Convergence Divergence (MACD) showed bearish momentum, while the Money Flow Index (MFI) and Relative Strength Index (RSI) were in oversold territories at 16.83 and 17.98, respectively.
This suggests the potential for a short-term rebound.
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However, the price remained below the key exponential moving averages (20, 50, 100 and 200 EMA), which could continue to exert bearish pressure unless a substantial reversal occurs.
Source: TradingView
According to XRPS ScanTransaction volume increased significantly in late June and early July 2024. However, a slight increase in payment activity was also observed during these months, indicating renewed user engagement.