John Isige
FXStreet


XRP price is in the process of fortifying support around $0.3180 in the wake of a sharp decline from resistance at $0.3367. Although the cross-border money remittance token trades slightly above $0.3200, all eyes are fixated on its ability to bounce off support for a sustained northbound move.
On the other hand, analysts believe that as Bitcoin price slips below $19,000, it is pulling the entire crypto market down. It is doddering at $18,751 at the time of writing while Ethereum price struggles to nurse about 9.0% in daily losses. These widespread declines have seen the total crypto market cap drop to $982 billion; besides that, it could test June levels of $875 billion.
Read moreReasons why XRP’s green candle for this week means nothing inside Ripple’s bear cycle
 
The Ripple vs. SEC lawsuit has dragged on for nearly two years. However, Jeremy Hogan, a legal expert closely following the case, believes both parties could arrive at a settlement over the next few months.
According to Hogan, the allegations the Securities and Exchange Commission (SEC) filed against Ripple Labs and its top executives that it sold XRP as an unregistered security may be settled before November.
“[The] most likely settlement timeframe is from now until the end of November, because the cards will be on the table,” Hogan reckoned.
The lawsuit has relatively suppressed XRP price to the extent it failed to hit a new lifetime high during the previous bull market. A positive outcome may change the narrative, allowing XRP price to achieve its bullish potential.
XRP price was rejected on its latest breakout mission by resistance at the top of a rectangle price pattern, as illustrated in the four-hour chart below. The losses were unstoppable until the international money transfer token hit the governing pattern’s support line.
Due to extreme volatility, XRP price hit oversold levels twice in the same week. Nevertheless, an applied Stochastic oscillator reveals a strong uptrend in the cards. It is worth noting that the index flipped bullish as soon as it lifted out of the oversold region. If the Stochastic upholds this uptrend, bulls will regain confidence and realign their mission to the rectangle hurdle at $0.3367 – beyond that they may even be ready for the ultimate climb past $1.0000.
XRPUSD price chart
XRP/USD four-hour chart
The market value realized value (MVRV) on-chain metric by Santiment affirms the upcoming XRP price breakout. With a reading of -5.35%, investors generally feel XRP is undervalued and, therefore, in a buy zone.
 
XRP MVRV on-chain model
Usually, a reading above the mean line (0.00%) implies overvaluation. In other words, most holders are in profit and will likely sell to make a profit. Investors must heed the bullish call to buy XRP – a move that may set up the cross-border money transfer token for a rally in the coming days – maybe weeks.
Read more: XRP Price Prediction: Ripple inflates 1 billion XRP tokens into circulating supply

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price gives into the bearish vice grip as the bulls have abandonded ship near the $19,000 support zone. BTC price was rejected from the 8-day exponential moving average . A double scenario is now underway, and key levels have been identified.
XRP price is in the process of fortifying support around $0.3180 in the wake of a sharp decline from resistance at $0.3367. Although the cross-border money remittance token trades slightly above $0.3200.
Although many cryptocurrencies have lost significantly this year, Cardano will always be amongst the topmost assets as its troubles still have not ended.
Polkadot price has lost support from the 8- and 21-day simple moving averages. DOT price shows an uptick in bearish momentum on the volume profile indicator.
Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source

Write A Comment

Your article is loading
Exit mobile version