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XRP Community Excited

24HRSCRYPTO, a well-known cryptocurrency analyst closely followed by the XRP community, has revealed an important development related to XRP. It seems that XRP's daily burn rate has experienced a significant increase in the past 30 days. The information provided indicates that the total supply of XRP has decreased from 99,988,863,851 to 99,988,616,835 in just 30 days, indicating a burn of 247,016 XRP. The average daily burn rate of approximately 8,233 XRP has been the key factor that excites the analyst. There has been a significant increase in the XRP burn rate compared to previous months.

The XRP burn rate has been steadily increasing in previous months, with the burn amount continuously rising. The recently burned XRP amount is twice as much as the previous month, indicating that more XRP will be burned every month for XRP investors.

XRP Coin Comments

In his comments on the matter, the famous analyst expressed that as the daily burn rate of XRP increases, it will eventually have a positive impact on the price of XRP. According to the analyst, $100 seems to be an inevitable target for the XRP price. The analyst believes that as the XRP supply decreases and demand increases, the price will rise, emphasizing that $100 is a long-term goal.

The critical resistance level for XRP in the short term is known to be $0.49, which is highly crucial for the XRP price. Beyond that, $0.51 and $0.66 will be other important resistance levels. If the lawsuit, which XRP investors are eagerly awaiting, concludes with positive news, everything can develop much faster than expected, leading to a record-breaking surge.

#Xrp #CryptoDeNostradame

Popular crypto lawyer Jeremy Hogan recently took to Twitter to offer his thoughts on the Securities and Exchange Commission’s controversial lawsuit against Ripple.

Hogan, who is a partner at Hogan & Hogan, paid particular attention to the arguments and allegations presented by the wall street regulator before the court. 

In his Twitter thread, Jeremy Hogan pointed out that as per the legislative definition of security, the possible category that XRP may be designated is that of an investment contract.

The crypto lawyer was referring to the famous Howey Test, which the securities regulator has repeatedly cited in its case against Ripple. The test refers to a U.S. Supreme Court case that helps determine if a transaction qualifies as an investment contract and would therefore be considered a security and be subject to the country’s securities laws. 

According to Hogan, the Howey Test doesn’t focus on the contract part of the investment contract but rather assumes that a contract existed and was required for an explicit legal agreement.

The crypto lawyer argued that in Ripple’s case, the SEC had failed to argue that there was an explicit contract of investment. Instead, the regulator has stated that the purchase agreement is all that is required.

Hogan believes that a simple purchase agreement only proves that Ripple had an obligation to transfer XRP to the buyer, with no mention of expected profits on the investment. 

“The issue is NOT whether Ripple used money from the sale of XRP to fund its business. The issue is whether the SEC has proven that there was either an implied or explicit “contract” between Ripple and XRP purchasers relating to their “investment.” There was no such contract,” Jeremy Hogan stated. 

#Xrp #eth2.0 #fomc #Binance #crypto2023

The price of Ripple’s XRP has lost a crucial support level which puts the entire previous bullish structure at risk.

Additionally, the short-term readings and price action support the possibility of more downside. While there is still hope for the XRP price, a bullish reversal must begin immediately in order for the bears to relinquish control.

There is no news regarding the drawn-out Ripple Labs vs SEC case. However, due to the lack of a court settlement, it is possible that Coinbase will delay a potential XRP listing.

Ripple Price Loses Crucial Support Level

Since June 2022, the price of XRP has been trading within a long-term ascending parallel channel. This pattern involves the price moving between two parallel resistance and support lines.

It is typically seen as bearish, suggesting a breakdown is likely to occur.

On March 29, the channel’s resistance line rejected the price (red icon), causing the current downward trend. Shortly after, the price dropped below the $0.53 horizontal area and confirmed it as resistance (red icon).

Both of these factors are considered bearish and often lead to downward movements.

Starting on April 21, XRP reached the channel’s midline (red circle) and bounced. This allowed for the bullish structure to remain intact.

However, the ensuing drop on May 7 caused the digital asset to lose midline support, suggesting that the trend is bearish.

Additionally, the Relative Strength Index (RSI) provides a bearish reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

The indicator is below 50 and broke its bullish divergence trendline (green line). So, the daily price action and indicator readings suggest that the trend is bearish.

XRP Price Prediction: Where Will Price Find Support?

The technical analysis from the short-term six-hour chart supports the possibility of more downside. The main reason for this is the ongoing breakdown from the 0.618 Fibonacci retracement level.

According to the Fibonacci retracement levels theory, following a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction, and this theory can also be used to identify the peak of the future upward movements.

The 0.618 Fib level is crucial and often acts as the bottom during corrections. The fact that the XRP price broke down below it aligns with a bearish XRP price forecast.

Next, the price trades in a descending parallel channel, falling below its midline (red circle). As outlined previously, this is considered a bearish sign.

If the drop continues, XRP is expected to reach the next closest support at $0.40, created by the channel’s support line and a horizontal support area.

However, an increase above the short-term channel’s midline will mean the trend is still bullish. In that case, an upward movement toward $0.480 will be expected.

#Xrp #Binance #crypto2023 #crypto #cryptotrading