In the past few weeks, XRP’s price has seen a whirlwind of highs and lows, with no discernible pattern due to the ongoing uncertainty about its status as a security. This has led to a cautious approach from investors. However, market experts have spotted potential signs of an upcoming bullish shift. The price appears to be steadying itself below the $0.5 support level, indicating a possible decrease in selling pressure and the potential for a bullish trend in the near future.
XRP Price May Surge Amid The Chaos
Bitcoin advocate and advisor to El Salvador’s president, Max Keiser, recently responded to a tweet by pro-XRP lawyer John Deaton, discussing Bitcoin, the SEC, and XRP. Keiser refrained from labeling XRP as a scam, instead stating, “XRP is too centralized.”
Deaton had criticized Bitcoin maximalists for supporting SEC actions against crypto companies, except Bitcoin, despite claiming to be Libertarians. Keiser retorted that Bitcoin is the only crypto beyond regulators’ reach, and XRP’s centralization makes it vulnerable to SEC scrutiny.
Ripple’s CEO, Brad Garlinghouse, recently announced the company’s receipt of in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore. This positions Ripple among a few select firms globally to achieve this. Additionally, Ripple is aiding the Central Bank of Montenegro in launching a Central Bank Digital Currency (CBDC), and Brazil’s Central Bank has plans for a CBDC rollout in 2024.
These developments, along with the announcement of a new digital coin, the Universal Monetary Unit (UMU), by the Digital Currency Monetary Authority, underscore Ripple’s growing influence in the digital currency landscape. Given these positive developments, a surge in XRP’s value could be on the horizon.
What’s Next For XRP?
Recently, XRP experienced a significant decline after reaching the 20-day EMA at $0.49. It subsequently fell below the 200-day EMA and continued to decline to reach a new lower level. However, the presence of a long tail on the candlestick suggests that there was aggressive buying activity at lower price levels. As of writing, XRP price trades at $0.4939, surging over 0.16% in the last 24 hours.
Currently, the 20-day EMA has stabilized, exhibiting a flattened trajectory, while the Relative Strength Index (RSI) hovers slightly below the midpoint. These indicators indicate a delicate balance between the supply and demand forces in the market.
If the bulls manage to maintain the price above the 20-day EMA, it could pave the way for a potential rally toward the resistance level at $0.52. However, it should be noted that this level may once again serve as a strong barrier.
On the other hand, a decline from the current position will force the XRP price to test the support at $0.47. However, bulls will likely accumulate more near this dip, suggesting a bullish rebound to $0.52.