XRP saw a modest 3% gain today, recovering slightly after a 9% drop over the past week. As of now, the cryptocurrency’s market capitalization has increased by 3.47%, reaching $128 billion. However, trading volume continues to decline, showing a 25% decrease in the last 24 hours. While some signs of stabilization have emerged, it remains uncertain if the downtrend is truly over.
A well-known crypto analyst, Hope Theory, has raised concerns about XRP’s near-term prospects, pointing out a potential Head and Shoulders pattern on the cryptocurrency’s chart. According to Hope Theory, the pattern is still valid, and he predicts that XRP’s price could soon plummet to as low as $0.50.
XRP’s Struggles and Analyst Predictions
XRP has faced significant downward pressure in recent weeks, with consistent selling activity preventing the coin from breaking the crucial $2.60 resistance level. Despite this, the Relative Strength Index (RSI) on the daily timeframe indicates that XRP may be oversold, suggesting a potential reversal in the coming days. Additionally, XRP appears to be finding support at the $2.03 level, but unless buying momentum picks up substantially, the price could continue its descent.
Hope Theory’s Track Record and Speculation
Hope Theory, who gained attention for his accurate predictions in previous years, reminded his followers of past calls. “I told you to buy $XRP just before the pump under $0.50, and I said to sell at $1,” he shared, reflecting on past trading moves. He also recalled the 2018 XRP price fluctuations, which saw significant price movements between $1 and $3.30. Based on these patterns, he believes XRP may follow a similar trajectory.
Currently, opinions on XRP’s price direction are divided. While some traders remain optimistic, anticipating an upward reversal, others are bracing for another decline.
The Ripple-SEC Lawsuit Looms Over XRP’s Future
One critical factor influencing XRP’s price is the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The case has dragged on for years, contributing to uncertainty around XRP’s price. Should Ripple emerge victorious, analysts believe XRP could see substantial price gains. Conversely, if the outcome is unfavorable, it may limit the cryptocurrency’s future potential.
As the legal saga continues, XRP traders remain watchful, with many uncertain about whether the price will head toward $0.50 or see a reversal in the near future.
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