Ripple (XRP) price experienced a 3% drop on the first day of the new week. Will the downward momentum in the popular altcoin continue? Additionally, Ripple CEO Brad Garlinghouse made statements on Friday via X regarding some misleading and incorrect headlines about the class action lawsuit in California.
Price Movement in Ripple
XRP price has been trading below the 50 and 200-day simple moving averages (SMA) since April 12. On April 20, a death cross occurred on the XRP price chart, further confirming the downtrend. Additionally, the XRP price formed a symmetrical triangle structure, creating the possibility of a breakout in either direction.
On June 7, XRP’s price broke downward to the 0.454 dollar level. The relative strength index (RSI) 14 also fell below its moving average (MA). However, the RSI at 37 indicates limited room for further decline. Despite these negative developments, XRP maintains the critical support level around 0.475 dollars. The price continues to stay within a broader consolidation zone, trading with volatility between a strong upper limit of 0.57 dollars and a lower limit of 0.46 dollars.
Two Scenarios for XRP
Ripple experts highlight two possibilities: the price dropping to the lower support level at 0.429 dollars or bouncing from the current support to reach the peak at 0.57 dollars. A recovery is expected in either case. Key resistance levels to watch are 0.49 and 0.56 dollars. According to CoinGecko data, XRP’s 24-hour trading volume increased by 58%, indicating growing investor interest. Although Ripple achieved a significant victory with Judge Hamilton, XRP’s price continues to decline. Ripple CEO Brad Garlinghouse suggested that misleading statements from crypto news platforms might have influenced this drop.
On Twitter, Garlinghouse explained that the sole state law claim brought to court came from “troll” plaintiffs attempting to exploit the US legal system. Notably, the plaintiff owned only 200 XRP. Meanwhile, large investors are accumulating XRP during the price drop. Whale Alert detected a significant XRP transfer from Binance to an unknown wallet last Friday. Last week’s decision by Judge Hamilton was a major victory for Ripple in the SEC case. However, market factors, such as anonymous large investors, continue to negatively impact XRP’s price. Nevertheless, a price reversal is expected.
