XRP‘s inability to achieve significant price movements over the years, despite its high market volume, has positioned it as one of the biggest uncertainties in the market. The ongoing lawsuit between the SEC and Ripple creates pressure on XRP, causing it to drift further from the elusive $1 mark.
Current Status of XRP
Looking at the emerging price movements, some believe it might still be too early to discuss XRP’s decline. According to a post by analyst TradingShot on June 25, the analyst remains optimistic about XRP’s rise.
In his analysis, the analyst notes that XRP has remained below its weekly moving average since April 8, 2023. Additionally, the analyst believes that XRP is at the base of a triangular structure formed after reaching its all-time high in January 2018.
The formation seen in the chart below resembles the one from the ATH period in December 2013. This formation was sharply broken upwards in March 2017.
Another indicator highlighted by the analyst is the Relative Strength Index (RSI), which points to 40. Historically, this level has been seen as a long-term buying opportunity. Generally, a low RSI level indicates a drop in the asset’s price, which can be viewed as a buying opportunity for investors.
How Much is 1 XRP in Dollars?
The analysis suggests that XRP might move towards peak points in the cycle, calculated based on its rise above the moving average. However, if resistance cannot be broken, it could indicate potentially larger price drops.
Technically, the next time it rises above the 1W MA200, it is more likely to start a parabolic rise towards the Cycle Peak. Otherwise, we fear the XRP army will need a narrative to hold onto as the long-term pattern will fail them.
Meanwhile, all eyes were on the price of XRP. As of the time of writing, XRP is trading at $0.4762, following a 1% increase in the last 24 hours. Additionally, the market volume has returned to $26.5 billion after yesterday’s decline.
