- Summary:
- Ripple price moved sideways even as other cryptocurrencies bounced back. The XRP/USD rate was trading at $0.4600,
Ripple price moved sideways even as other cryptocurrencies bounced back. The XRP/USD rate was trading at $0.4600, where it has been in the past few days. This happened as Bitcoin jumped above $20,000 for the first time since early this month and as Ethereum moved above $1,500 again. Ripple remains about 17% below the highest point this month.
XRP remains in consolidation
Ripple price has been in a tight range in the past few days. This consolidation was in line with that of other digital currencies like BTC and ETH. However, Ripple was left behind in a crypto rally that started on Tuesday as the US dollar and bond yields slipped and American stocks rose.
A potential catalyst for XRP is the ruling by the judge overseeing the SEC vs Ripple case in the United States. On Friday, the two parties filed motions with the court in which they asked it to deny summary judgment filing. It is still unclear when the ruling will come out.
However, with the case in its second full year, analysts believe that the judgment will come soon. Some observers note that Ripple has built a good case, especially regarding Hinman’s documents. In a speech, Hinman, who was a SEC director, said that he had concluded that Ethereum was not a financial security.
At the same time, Ripple has accused the SEC of singling it out. For one, there are now more than 20,000 cryptocurrencies, according to CoinMarketCap. As such, it is unclear why the SEC has not brought more cases against these coins in the first place.
Meanwhile, Ripple price has moved sideways as Ripple’s developers continue building their EVM-compatible version. The product will make it possible for developers to build apps in its ecosystem.
Ripple price prediction
The four-hour chart shows that the XRP price has been in an overall bearish trend in the past few days. Along the way, the coin formed a descending channel shown in black. It has also moved slightly below the 25-day and 50-day moving averages.
The closely-watched Relative Strength Index (RSI) moved slightly above the neutral point. At the same time, Ripple seems to be forming a head and shoulders pattern. Therefore, Ripple will likely have a bearish breakout soon. If this happens, the next key support level will be at $0.4090. The stop-loss of this trade will be at $0.4850. This view is in line with my previous XRP forecast.
