• 24 June, 2024
Market News

Ripple’s XRP Navigates Ascending Channel Amid Fluctuating Market Sentiment

Ripple price has been the center of attention in the cryptocurrency market, exhibiting a notable upward momentum that has captured the interest of investors and market analysts alike. Since June 2022, XRP’s price action has been encapsulated within an ascending parallel channel, suggesting a steady bullish pattern. This trajectory indicates the possibility of XRP approaching the channel’s middle or upper boundaries, priced around $0.80 and $1.10, respectively.

Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing insights on the performance of XRP.

Despite a solid recovery in recent months, XRP faced a downturn, with its value decreasing by over 9% in just a week. This decline followed a period of robust growth, where XRP broke past the crucial $0.5500 support level, reflecting strong market confidence. At the time of writing, XRP price is trading at $0.5695, with a 24-hour surge of more than +1%, indicating a bullish trend.

Ripple price has been a topic of keen interest in the crypto community, especially as 2024 unfolds with crucial dates for Ripple’s ongoing legal battle with the SEC. This year is anticipated to be pivotal for both Ripple and the broader digital asset market in the United States.

A renowned crypto analyst, CryptoBusy, has recently shared a Twitter post that delves into the implications of these crucial dates for XRP and the broader cryptocurrency market. 

On February 12, a significant milestone is expected as Ripple and the SEC are set to complete the discovery phase concerning possible remedies. This step is crucial as it could outline potential repercussions for Ripple. Following this, on March 13, the SEC is scheduled to submit its brief focusing on remedies, which could provide insights into the SEC’s stance and possible outcomes.

With the Bitcoin Halving event, April is also a key month for Ripple and the crypto world at large. Within this context, Ripple’s legal narrative continues. April 12 marks the deadline for Ripple to present its counterarguments against the SEC’s claims. Finally, by April 29, the SEC is expected to respond, potentially wrapping up this phase of the legal proceedings.

The stakes are high for Ripple, with potential penalties reaching up to $770 million. Moreover, the outcome of this case is likely to establish precedents for digital asset regulation in the United States, making it a landmark case for the entire cryptocurrency sector.

XRP/USD 4-hour price chart, Source: Tradingview

The hourly technical indicators like the Relative Strength Index (RSI) are neutral, hovering below the 50-level at $47 daily. However, if the bullish pressure continues, the RSI could surge into the overbought territory, surpassing the 70-level. The 50-day and 200-day moving averages trend above the present price, supporting a bullish outlook. The Chaikin money flow index, standing neutral at 0.00, indicates a prevailing buying sentiment in the near term.

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