XRP Price Prediction: Price Drifts Away from $0.4. What is Ripples Next Stop?

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Ripple’s price has remained dominant over the last few days, trading between $0.42 and $0.31. Given a recent rejection at a vital resistance level, a slight decline toward the lower end of the range seems possible. XRP’s price prediction heavily leans towards recent developments in its ecosystem and the current surge in the crypto market. However, is $0.50 a viable target, or is a crash imminent?

Ripple Vs. SEC and the Likely Impact on XRP Value

Ripple news on the legal proceedings with the Securities and Exchange Commission (SEC) continues to hang in the balance. Crypto investors have been inconvenienced by these proceedings for more than two years. The significant claims by the SEC are that the XRP cryptocurrency is a security and that Ripple gave it to investors without legal registration. As the days go by, it becomes more and more difficult to predict the outcome of the legal proceedings.

Based on speculation, many believe that Ripple’s legal team will likely advocate for a settlement if the SEC accepts that all current and future XRP transactions are not securities. Additionally, it is the confidence of many that Ripple will emerge victorious.

I have no doubt Ripple will win and the current Supreme Court will shut down the @SECGov’s gross overreach. The West Virginia 🆚 EPA case is all you need to read to agree with me. @Ripple’s summary judgment brief is already an extremely well written appellate brief. https://t.co/o3g9zML9S2

— John E Deaton (@JohnEDeaton1) February 20, 2023

Ripple Labs, founded in 2012 as OpenCoin, later changed its name and launched the XRP token. At the time, XRP was coming into play as a solution to cross-border remittances. As there were fewer cryptocurrencies at the time, XRP went on to grow massively. However, once the SEC filed the suit in December 2020, the negative sentiments around the coin began.

The final ruling comes when the market is hit with a series of frauds and scandals, which could have a massive impact on the price. A loss on the case could mean a significant loss, which could negatively impact the project and thus cause a decline. On the other hand, a win could mean that the price will scale positively.

XRP Price Analysis

At the time of writing, the live XRP price is $0.38056, with a 24-hour trading volume of $942,042,041,789. XRP is up 2.59% in the last 24 hours. Ripple’s price has shown signs of weakness, printing small candles with no particular direction. The most recent attempt was to claim the descending trendline at $0.433, which failed.

As a result of the rejection, the price fell below an important level, the 200-day moving average. This gave XRP a bearish bias. However, Ripple retested the broken moving average and formed a pullback, confirming that the trend is turning bearish until it reclaims its level.

XRP started a fresh decline from the 0.4050 resistance zone this past week. The price declined below the $0.395 and $0.392 levels, moving into a bearish area. There is the creation of a critical bearish trend line with resistance near $0.3780, which shows that the supply is increasing. As long as the price action stays below this line, we have a bearish trend.

XRP Price Prediction: Technical Analysis

The XRP/USD struggles under the $0.3850 level while it gains support near $0.33. However, the possibility of the price slipping further seems unlikely since the support zone has been tested severally.

Additionally, XRP is trading below both the 50-day and 200-day moving averages, which further adds to the bearish sentiment. The current Relative Strength Index remains below the trendline and has been falling. As such, it remains just speculation as to where the market may go.

As such, the current Ripple outlook is bearish, followed by low volatility in its price. XRP shows a descending triangle, which may be an indication of a downward trend. If the resistance level remains strong, the price will return to its support level at $0.33664. However, if XRP breaks the current resistance level, it will rise to the next resistance level at around $0.42.