The XRP price continues its downward trend despite a small win that fueled some positive market sentiments. Recently, Ripple’s plea to deposition the former SEC executive William Hinman was accepted, yet the price remained unaffected. Hence it is still vague whether the price remains unaffected with the Ripple vs SEC updates or it’s still waiting for significant advancements.
The price movements have not changed notably since the last trading day as the ends are squeezed right now. The diminished range between the resistance and the support levels indicates the asset being less volatile. But the price maintaining within the upper levels of the channel provides a ray of hope for a probable uptrend.
The 4-hour XRP chart displays the sinking price movements which after a failed attempt to propel towards the north. The price could not follow the ‘W-Shaped’ pattern which could have fueled the rally. However, the price still showcases the possibility of breaking the parallel channel soon. This may lead to growth in the price that can hit the $0.6 figure.
On the contrary, considering the present scenario of the crypto space, of a constant sell-off, XRP will also have a major impact. In case a new wave of selling outspreads the market, the price could drop close to $0.5 or even lower at $0.4. Nevertheless, despite the bearish plot, the XRP price can still make it and prevent plunging to these levels.
The crypto weekends are meant to be more volatile where the price jump in either of the directions. No doubt, the Ripple & SEC case may not give a wider push. Yet the other factors like recovery in Bitcoin price, the FOMO factor, etc may also impact the XRP price positively.