XRP Price Slips: What Can You Expect This Weekend?
• XRP price is showing signs of weakness as it fails to break the $0.46 resistance level and volume drops.
• A bearish divergence between RSI and the value of the token may lead to a pullback in the near future, with targets at $0.426 and potentially as low as $0.392.
• The outcome of the Ripple vs SEC lawsuit will likely have an impact on XRP’s volatility, which may affect its price positively or negatively depending on the ruling.
XRP Price Showing Weakness
XRP’s price has largely been consolidating within a narrow range, hinting at a possible bearish pullback if it fails to hold onto crucial levels. In recent days, consecutive bullish candles have pushed XRP’s price up, but without enough buying pressure to push past key resistances levels like $0.46. This lack of buying pressure is due in part to Bitcoin’s sluggish performance over this period, causing altcoins like XRP to trade sideways instead of rallying higher. Additionally, higher highs have exhausted buyers’ strength significantly and suggest that a bearish divergence may be looming ahead for XRP’s price action.
Ripple Vs SEC Lawsuit
The ongoing Ripple vs SEC lawsuit has been gaining traction recently as speculation around the final ruling lingers throughout the crypto space. It is expected that this situation could cause volatility in XRP prices which could either positively or negatively impact its value depending on how it all plays out in court.
Potential Targets Post Pullback
If bears take control and drive prices down further, then there are two potential targets: $0.426 and potentially even lower at $0.392 if selling pressure intensifies further still. Such a move would represent a drop of 8% initially followed by 15% if momentum keeps increasing over time.
In conclusion, XRP’s current weakening state presents an opportunity for bears to take control and drive prices lower towards two potential targets: $0.426 and possibly even lower at $0