The price of Bitcoin is finding buyers at $26,127, and the inflation data has finally been released. Inflation came in higher than expected. While the expectation was 3.6%, the announced inflation rate is 3.7%. Considering the recent fuel price increases, it may continue to rise. The situation for altcoins is a bit more variable.
Ripple (XRP) Coin Analysis
XRP Coin price had gained strong upward momentum after the summary judgment victory, but SEC‘s appeal and the decision in the UST case reversed the situation. On top of all this, a general market decline began. XRP Coin lost its critical support level in the chaotic environment. With investors who want to reduce their risk also selling, the price weakened after losing its long-term rising support line.
Readings on the weekly chart suggest that the decline may continue. XRP price has been falling since reaching its highest level of $0.95 in July and the $0.56 level could not be maintained. Since April 2021, this area has intermittently served as both support and resistance.
XRP Coin Price Forecast
The critical $0.56 region has maintained its popularity as both support and resistance since 2021. Since the price surpassed this level in July, it was expected to provide support to the region again. However, SEC was not the only problem that XRP bulls had to deal with. Federal Reserve policies affecting risk markets in general sent all cryptocurrencies to new lows. Fortunately, we did not see XRP Coin price reaching new ATL levels due to SEC’s victory.
At this stage, if the decline continues, the next nearest support area is the $0.42 level, which is 12% below the current price. The RSI supports the bearish scenario as it has broken the rising trend. This month, we may see a decision regarding SEC’s appeal. If the appeal is not approved by the second circuit, XRP Coin will have found a good price catalyst. However, in the opposite scenario, a collapse towards the support 12% below is likely to nullify the gains from the summary judgment.
Technical readings suggest that the A-B-C corrective structure has completed. If the reading is correct, the decline will continue, and we will see the price making a deeper dip towards $0.29. This count was made for those expecting a decline.
On the other hand, in the scenario where things turn around for XRP, we see that it is in the fourth wave of a five-wave upward movement. If this scenario is valid, a jump to $1.25 could be seen after $0.4. In any case, it seems likely that the $0.4-0.42 region will be revisited.
