XRP Hurdle In The Run-Up To ‘Proper Party’ – Will Altcoin Price Slip?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

XRP, a cryptocurrency Ripple Labs uses to facilitate transactions on its network, has been making headlines recently for all the right reasons. The digital asset has emerged as one of the top performers in the crypto market in recent months, largely owing to Ripple’s significant legal victory against the US Securities and Exchange Commission in July. This victory marked a turning point in the ongoing legal battle that has been unfolding since December 2020.

As XRP enthusiasts eagerly anticipate Ripple’s “Proper Party” scheduled for September 29, the crypto’s price remains a point of interest for investors and traders. The community of XRP holders is curious as to whether the company would reveal anything significant regarding the SEC litigation at the party.

Currently, XRP is trading comfortably above the critical support level of $0.5, indicating the resilience of its bullish momentum.

XRP’s Current Price Position

As of the latest data from CoinGecko, XRP is valued at $0.508916. While the past 24 hours have seen a minor decline of 0.6%, the cryptocurrency has exhibited a seven-day gain of 1.3%. These figures suggest that XRP remains firmly within the spotlight, even amidst the recent market turbulence caused by the Federal Reserve’s decision to pause the interest rate hike for September.

However, it’s not all smooth sailing for XRP. As shown in a recent price analysis, the coin faces a significant hurdle in the form of the 200-day Exponential Moving Average (EMA). For more than a month, this EMA has acted as a formidable barrier, thwarting XRP’s attempts to break through to higher price levels. The consistent rejections at this line have solidified its reputation as a formidable resistance zone for XRP.

XRP market cap currently at $27 billion. Chart: TradingView.com

For XRP bulls, the key focus now is to maintain the critical support level at $0.5. Failure to do so could expose the cryptocurrency to further downside pressure and the risk of a bear flag breakout. In such a scenario, XRP might be compelled to retest the $0.4 and $0.3 price levels, respectively.

Anticipating Bullish Momentum

If support at $0.5 holds steady and bulls manage to break through the confluence resistance at $0.5239, XRP could be poised for substantial gains. Enthusiasts and investors are eyeing a potential uptrend that could lead XRP to the $0.85 and $1 price levels in the near future.

XRP’s recent performance and its legal victory against the SEC have undoubtedly rejuvenated the cryptocurrency’s prospects. While hurdles remain, the XRP community hopes the upcoming celebration and sustained market support will propel the digital asset to new heights in the crypto landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.