The XRP price has experienced a significant downturn, with Ripple’s native cryptocurrency plummeting by 20% from its recent peak.
At the time of writing, the live XRP price stands at $0.723937, reflecting the extent of the decline.
The recent surge in value, amounting to an impressive gain of approximately 100%, has occurred amid the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
In a significant and historic ruling, a US judge declared that Ripple Labs Inc did not breach federal securities law when it sold its XRP token on public exchanges.
This legal victory has had a profound impact on the cryptocurrency industry, leading to a substantial increase in the value of XRP.
XRP Price Prediction
On the technical front, Ripple (XRP) is currently trading sideways around the $0.7185 level after failing to break above the $0.9522 level in recent days.
Following positive news regarding the SEC versus Ripple case, Ripple prices surged over 100%. However, such significant buying activity often leads to the overbought zone, indicating that bullish investors may consider taking profits.
Indeed, Ripple prices entered the overbought zone, as evidenced by the Relative Strength Index (RSI) with a value of 96 and the Moving Average Convergence Divergence (MACD) indicator forming solid long histograms above zero.
The recent dip in XRP prices can be attributed to the expected bearish correction.
Notably, Ripple has already completed a 50% Fibonacci correction around the $0.7108 level, with the 61.8% retracement providing immediate support around the $0.6545 level.
Therefore, maintaining levels above $0.6545 could indicate a continuation of the bullish trend.
However, if XRP breaks below the $0.6545 level, it has the potential to decline toward the $0.5752 level.
On the upside, immediate resistance levels can be found around $0.7698 or $0.8325.
To summarize, it is crucial to monitor the $0.6545 level for potential buying opportunities, while bearish positions could be considered just below this level.
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Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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