Following its legal victory against the SEC earlier this year, Ripple planned a celebration party in the heart of New York on September 29, 2023. This long-awaited event is more than just a commemoration.
This legal victory not only gave Ripple the regulatory clarity sought for XRP, but also resolved the overarching question of whether XRP is a security. This decision eliminated the uncertainties that overshadowed XRP's legal position within the cryptocurrency ecosystem. In the midst of this victory, Ripple's CEO Brad Garlinghouse tweeted in his last tweet to confirm the highly anticipated event promised to the XRP community following the victory against the SEC: "As promised – it's time for the proper victory party." said.
Current market status of XRP
According to CoinMarketCap, Ripple (XRP) is ranked as the fifth largest cryptocurrency by market cap. It experienced a 1.37 percent decrease in its price in the last 24 hours and as of press time, its price fell to $ 0.5251. This also puts the total market capitalization at approximately $27.819 billion.
The 24-hour loss also dragged the remittance token's weekly performance into the red zone. Subsequently, the price of the altcoin fell by 0.60 percent in the last 7 days. Along with the price drop, the altcoin also recorded a decrease in 24-hour trading volume. As a result, the daily trading volume of XRP was $894,262,816. This was a decrease of 42.76 percent compared to the altcoin's trading volume in the previous 24-hour cycle.
Technical overview: XRP price gradually rose!
A positive price channel had formed on the 4-hour chart of XRP after the cryptocurrency consistently printed higher lows and higher highs over the past 2 weeks. This positive trend gradually increased the price of XRP towards the $0.5380 resistance level and attempted to turn this level into support at press time.
If the altcoin can close a 4-hour candle above the $0.5380 threshold, it could continue its steady rise towards the next major price point at $0.5890 over the next few weeks. Prolonged buying support may lead XRP price to also attempt a challenge at the $0.6405 resistance in the medium term.
On the other hand, a drop in the price of the altcoin below the bottom of the price channel on the 4-hour chart could put the altcoin at risk of testing an important support level next week. In this scenario, the price of the cryptocurrency could drop to $0.4715.
Looking at the daily chart for XRP/USDT, a notable bullish flag has been triggered over the last 48 hours. During this period, the MACD line crossed above the MACD Signal line. This showed that the overall trend of the altcoin has changed from bearish to bullish and the price of atcoin may continue to rise over the next few weeks.
Additionally, the 9-day EMA line was approaching the 20-day EMA line. If these two technical indicators cross in the next few days, XRP price may attempt to turn resistance at $0.5890 into support. A potential early confirmation of this bullish thesis could be for the altcoin to close a daily candle above $0.5380.
If the altcoin's price then closes a daily candle above $0.5890, it will have a clear path to continue rising to the next major resistance level at $0.6405 in the next 72 hours. However, this bullish thesis will be invalidated if the altcoin fails to close a daily candle above $0.5380 in the next 3-5 days.
In this scenario, the price of the remittance token may be at risk of falling to the above-mentioned $0.4715 support level in the next 2 weeks. This bearish thesis will be confirmed if the altcoin closes 3 consecutive daily candles below the 9-day EMA line around $0.5301.