Our Ripple price prediction has just flipped bearish after the recent change in market structure. The price is trading in a region where bears are in full control. The 6th biggest cryptocurrency by market cap has already made fresh 52-week lows last week. Many analysts believe that the worst is yet to come for the XRP price. At the time of writing, the Ripple coin is trading at $0.40.
The product of Ripple Labs, XRP, has been in a downward spiral since it got hit by an SEC lawsuit in 2020. While most of the top cryptocurrencies soared to record highs in 2021, Ripple price failed to break its 2018 all-time high of $3.40. The ongoing SEC vs Ripple lawsuit kept most of the institutional investors at bay. Nevertheless, during last year’s bull run, the retail FOMO pushed XRP price to hit the $1.96 level.
As per the Ripple news today, the court has granted a motion for an extension of time to both parties. As a result, most of the speculations about the timeline of the Ripple lawsuit have turned out to be wrong. Nonetheless, it is still believed that the lawsuit could be over in a couple of months. In other XRP news, Japan’s SBI Group has vowed to adopt XRP payments.
Technical analysis of the XRP USD chart shows that it has finally broken down after trading inside a symmetrical wedge for more than a year. Currently, it is trading at $0.40, which is 79% below its last year’s high of $1.96. One of the main reasons behind the current downtrend is the recent slump in Bitcoin price, which is now trading below $30,000. If Ripple closes a daily candle below $0.33 level, then the next support area lies around $0.22.
Any bullish Ripple price prediction seems unlikely at this point as the price is in a downward spiral. However, a favourable outcome from the ongoing lawsuit might trigger an XRP bull run to $0.88 level. Of course, any further upside would depend on the broader market sentiment at that time.
This post was last modified on May 19, 2022, 11:37 BST 11:37