Ripple Price Prediction: XRP Braced for 20% Decline – Uncover the Preferred Trading Option

Ripple (XRP) price could be headed for a 20% slump. Despite the recent collaboration with Amazon, the XRP outlook remains unchanged, with its market value suggesting an imminent decline, as will be explored in this article.

Amazon Partners with Ripple to Integrate XRP Cryptocurrency for Transactions

E-commerce giant Amazon has partnered with Ripple, the company behind the XRP cryptocurrency. This collaboration aims to integrate XRP into Amazon’s payment system, allowing users to transact using cryptocurrency.

https://twitter.com/CoingraphNews/status/1690782576586248192

This partnership holds importance as a major retailer like Amazon adopts a cryptocurrency for its payment infrastructure. It could influence other retailers to consider similar integrations, contributing to the broader adoption of cryptocurrencies.

This partnership validates its technology for Ripple and positions it within the e-commerce market. While the long-term impact is uncertain, the immediate effect on XRP’s value was unexpected. This is because of the ongoing legal pressure faced by Ripple against the U.S. Securities and Exchange Commission (SEC).

SEC Initiates Appeal in Ripple Labs Case, Aiming to Bolster Cryptocurrency Market Oversight

Last week, the U.S. SEC revealed its plans to appeal a recent court ruling involving Ripple Labs. This impacted its cryptocurrency market oversight. Seeking a federal appeals court review, the SEC aims to challenge the decision made by Judge Analisa Torres on July 13. The ruling stated that Ripple’s XRP token sales on public exchanges adhered to federal securities laws.

JUST IN: US SEC to appeal judge's ruling that Ripple $XRP is not a security pic.twitter.com/2Fqb46tCxV

— Altcoin Daily (@AltcoinDailyio) August 9, 2023

The SEC’s appeal aims to address substantial differences in legal interpretation and underscores the broader consequences of enforcing securities laws. This move reflects the SEC’s ongoing efforts to assert its regulatory authority over cryptocurrency.

Nonetheless, the market’s response to this SEC action has been unfavorable. Criticism is directed at Gary Gensler for his perceived inability to navigate the Ripple situation post his defeat. Lawmakers, too, are beginning to oppose Gensler’s decision to appeal the court’s ruling that favored Ripple.

Many members of Congress are turning on Scumbag Regulator Gary Gensler after the Ripple XRP ruling. Many also recognize Gary going after Coinbase was very dumb move.#FireGaryGensler https://t.co/ZStepvwe3u

— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) August 12, 2023

A month has passed since the court ruling deemed XRP not a security when sold to retail investors. However, XRP continues to encounter selling pressure. This is despite positive advancements such as integrating with Amazon and increasing adoption of the XRP ledger for central bank digital currency (CBDC) projects by various countries. The market blames Gensler and SEC for limiting the bullish momentum for XRP.

🚨🚨 $XRP Analysis – #SEC & #gensler have hampered the #XRP bullish momentum. #Amazon partnership has printed sone bullishness back in but with the #Sec appeal in progress, $Ripple momentum wont be to its full potential.#XRPArmy #XRPHolders #XRPUSDT #ripplexrp pic.twitter.com/P4QTqjH4Hg

— CryptoGen 🥷 (@7Abel77) August 14, 2023

XRP Price Analysis

The XRP/USD, daily price chart displays indications of a potential extension of the bearish trend. Over the last 3-4 days, the cryptocurrency has remained within a narrow range, forming doji candlesticks. This repeating pattern could continue the current trend, potentially resulting in a decline of approximately 20% toward the $0.49776 mark.

Looking at the downside, the initial support level rests at $0.58482. A breach and subsequent close below this level could trigger a drop below the $0.50000 threshold. Conversely, on the upside, the initial resistance is $0.66662. A breakout and successful closure above this level can reverse the bearish trajectory. This could propel the price toward the subsequent resistance level at $0.73675.

Presently, the technical indicators are aligning with the notion of a continuation of the bearish trend. The Ichimoku Cloud hovers above the price action, signifying bearish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) histograms remain in negative territory. This indicates prevailing selling pressure. The Relative Strength Index (RSI) is also in decline, positioned below the mid-line and pointing downwards. This underscores the likelihood of further downside movement.

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Alternative to XRP

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Join the $WSM movement:https://t.co/P5mwxvZAjw pic.twitter.com/GAd6hMSAu6

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Also Read:

• Ripple’s Market Stance Weakens: XRP In a Range, but New Contender BTC20 is Making Waves – Here’s the Scoop
• Ripple Price Prediction: XRP Rockets, But Have You Seen the Potential of XRP20 Yet?
• How to Buy Wall Street Memes – WSM Token Presale

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