XRP has been unable to make significant price movements despite its high market volume, making it one of the biggest uncertainties in the market. The ongoing lawsuit with the SEC has put pressure on XRP, causing it to move further away from the elusive $1 mark.
Current Status of XRP
When looking at the recent price movements, some believe it may be premature to discuss XRP’s decline. Analyst TradingShot remains optimistic about XRP’s potential for growth. In a post on June 25, the analyst noted that XRP has remained below its weekly moving average since April 8, 2023. Additionally, the analyst pointed out that XRP is forming a triangular structure at the base after reaching its all-time high in January 2018. The chart shows a formation similar to the one seen in December 2013, which then saw a significant upward breakout in March 2017. Another important indicator highlighted by the analyst is the Relative Strength Index (RSI), which currently stands at 40. Historically, this level has been considered a long-term buying opportunity. Generally, a low RSI level indicates a drop in the asset’s price, which could be seen as a buying opportunity for investors.
How Much is 1 XRP in Dollars?
The analysis suggests that XRP may be moving 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.
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.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
