Turmoil continues in the crypto markets as equity targets Securities and Exchange Commission (SEC) against the industry is proliferating. All eyes are now fixed Ripple and the next Hinman document release date of June 13.
Following lawsuits filed by the SEC led by Gary Gensler v Binance.us And Coin base, bearish momentum dominated the entire market. The decision to Robin Hood delisting of several altcoins including SOL, ADA and MATIC also added to the negative sentiment. At the same time the exchange Crypto.com also decided to suspend its institutional investment services in the United States. This decline is particularly pronounced for altcoins such as SOL, ADA, BNB and MATIC, which have been labeled as securities by the SEC.
A project that challenges FUD (fear, uncertainty, doubt) is Ripple (XRP). After a three-year legal battle with the SEC, Ripple appears to be headed for a positive outcome.
XRP analysis: which trajectory for the altcoin after today’s drop?
XRP is currently trading at $0.4908, down 8.57% over the past 24 hours. XRP’s advance appears to be slowing as the price failed to break above the local resistance level on the upside.
In fact, price action has largely been dominated by the continued resistance level around $0.54 since late March. Many analysts expected a breakout for XRP, especially after 11 days of consolidation at these levels. This period of consolidation should have provided a strong technical basis for conviction at the current price.
With the MA20 holding at $0.49, the market seems to have lost conviction in bullish momentum starting to thin.
However, maintaining bullish form above these moving averages seems to have protected XRP from the worst. Markets are now eagerly awaiting the June 13 release of the Hinman documents.
However, a bright spot is emerging from the RSI indicator. The RSI currently stands at 48.68. This suggests that the price may need to move lower before a future bullish swing.
MACD also paints a less encouraging picture with a sell signal at 0.001525.
XRP Price Predictions: A Break Around June 13th?
However, against the backdrop of severe fundamental headwinds, Ripple is in a unique position. He has come a long way and has overcome many obstacles compared to many high profile projects.
With a technical structure in a healthy bullish shape, the prospect of an upward trajectory may be a “when” and not an “if.” The RSI suggests a possible retracement towards the MA20, or even below before a rebound.
If the decline continues, XRP could push the price towards support at $0.4605 or even $0.4500.
Downside risk remains significant and traders should closely monitor price action through June 13.
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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making investment decisions.