- The price of Ripple (XRP) has risen 0.46% over the last 24 hours.
- XRP’s price declined more than 10% on Wednesday after rising 25.76% on Tuesday.
- Technical indicators suggest that XRP is trying to reclaim the $0.4206 support level.
Coinbase (NASDAQ:COIN), one of the largest and most popular cryptocurrency exchanges in the United States, has been in the news lately for its decision to potentially relist Ripple (XRP) on its platform. This move comes after XRP was delisted from Coinbase in January 2021 following the lawsuit filed by the SEC against Ripple Labs.
The lawsuit accused Ripple of selling unregistered securities, alleging that XRP was essentially an unregistered security rather than a cryptocurrency.
However, in a recent interview, Coinbase’s Chief Legal Officer (CLO), Paul Grewal, stated that the exchange may relist XRP if Ripple Labs wins the lawsuit. According to Grewal, Coinbase is closely monitoring the lawsuit and will make a decision on XRP’s relisting once the legal dispute is resolved.
This news has been welcomed by the XRP community, who have been calling for Coinbase to relist XRP for months. Despite their pleas, Coinbase had not relisted XRP until now, citing legal concerns and regulatory uncertainty. However, with the possibility of a positive outcome for Ripple Labs in the lawsuit, Coinbase may be ready to reconsider its position on XRP.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 0.46% increase in price in the last 24 hours, taking its price up to $0.4352 at press time. This also puts its total market cap at approximately $22.178 billion at press time.
The 24-hour increase in XRP’s price has added to the remittance token’s already-positive weekly performance. As a result, the price of XRP is up more than 17% over the last 7 days.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price has lost the support of the 9 EMA line on the 4-hour chart over the last 4-12 hours following a 2.59% drop in the early hours of this morning. As a result, XRP’s price is currently resting on the 20 EMA line on the 4-hour chart. In addition, the altcoin’s price is resting on a positive trend line.
The trend line formed over the last 3 days after XRP’s price printed higher lows since this past Tuesday. During this time, XRP’s price rose from a low of $0.3728 to a high of $0.4790 on Tuesday evening. Thereafter, XRP’s price declined in the 24 hours that followed, bringing the altcoin’s price down to $0.4110 on Wednesday evening.
Since then, XRP’s price entered into its second bounce which was only able to reach a high of around $0.4537, which is also a key resistance level on XRP’s 4-hour chart.
Should XRP’s price close the latest 4-hour cycle, then the remittance token may exit out of the bullish move that it entered into 3 days ago. A close below this level will see XRP’s price drop to the next support level at $0.4225 in the next 24 hours.
On the other hand, this bearish thesis will be invalidated if the RSI line is able to cross bullishly above the RSI SMA line on the 4-hour chart. This may give the crypto’s price the boost it needs to flip the aforementioned resistance level at $0.4537.
Daily chart for XRP/USDT (Source: TradingView)
XRP’s price dropped more than 10% on Wednesday after rising an astonishing 25.76% on Tuesday. This drop resulted in XRP’s price losing the support of the $0.4461 level, ultimately flipping it into a resistance level. Since then, XRP’s price has been unable to regain a position above the key level.
The remittance token’s price now trades in a consolidation channel between $0.4206 and $0.4461 at press time. Furthermore, XRP’s price is still trading above the 9 and 20 EMA lines on the daily chart.
There is currently some buy support present for XRP, as indicated by the wick underneath today’s daily candle. Traders and investors may want to wait for XRP’s price to close above the $0.4461 before entering into a long position for the crypto.
The 9-day EMA is trading above the 20-day EMA at press time. This suggests that XRP’s price is in a short-term bullish cycle. This, however, may not matter if XRP’s price closes below the support level at $0.4206 in the next 24-48 hours.
Should this happen, the downside target for XRP will be $0.4. The daily RSI indicator currently supports this bearish thesis, given that the daily RSI line is sloped negatively towards the oversold territory.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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