The Ripple price is in range mode versus the USD, oscillating within Jan 7 bull bar—technically, a net positive for optimistic buyers. However, because buyers are still bound by losses of late Dec 2020 and lawyers are preparing for the SEC court case, price action is, in the short-term, skewed against buyers.
As of writing on Jan 25, the XRP price is stable versus the greenback, outperforming BTC, adding seven percent during this period. Still, Polkadot and USDT have flipped XRP. The Brad Garlinghouse-led project is now the fifth most capitalized crypto project.
The stability of the XRP/USD isn’t with high participation, adding five percent in the last day to $2.2 billion. Still, it is a concern because of the XRP trading suspension from most centralized exchanges.
Coinbase, Binance, Bitstamp, and a host of other exchanges and over-the-counter players are freezing the trading of XRP until after there is proper determination, a clarity for liquidity providers and clients who are on the fence.
Ripple (XRP) Price Overview
The XRP price is stable, as aforementioned, outperforming BTC, whose price continues to whip-saw within an $11k range.
From the daily chart, bears are firmly in control. While the XRP/USD price is oscillating inside Jan 7 bull bar, a top-down analysis shows that bears are in the driving seat. Despite the bounce, prices are confined within Dec 23 climactic bear candlestick.
In the 4-HR chart, the XRP/USD price is within a bull flag. Therefore, whether there will be a repricing from spot levels towards the $0.40 zone depends on if follow through on Jan 7 buyers or yield to pressure, sinking in line with Dec 23 bar.
Accordingly, traders may be watching two reaction points at around $0.35—marking Jan 7 highs as a potential buy trigger, or $0.25—the floors of the recent consolidation. If breached, the XRP price may sink back below $0.20.
Ripple (XRP) Market Movers
Brad Garlinghouse has repeatedly stated that the United States, under the Trump administration, could risk losing to China if there is no regulatory clarity.
Under the Biden Administration, this might change considering recent leadership changes at the SEC, Treasury, and the OCC. All are supporters of crypto, recognizing that digital assets may be of help to the financial system.
With Gary Gesler heading the SEC, Janet Yellen heading the US Treasury, and former Ripple executive Michael Barr poised to lead the US OCC, there is clearly going to be a focus on sweeping crypto regulatory reform in the US, and I'm optimistic for Ripple and XRP.
— MAGIC (@MagicPoopCannon) January 24, 2021
Besides, there is a second FLR token airdrop. Preceding the explosive rise of XRP prices to $0.78, the Flare Network snapshot holders’ accounts on Dec 12. The scramble ahead of this saw the XRP/USD price rally before the SEC announcement. In the second airdrop, the Flare Network plans to distribute the DAOFlare (DFLR) tokens.
Yes, 2 airdrops.
— Flare Community (@CommunityFlare) January 20, 2021
Moreover, even with the case roiling XRP holders, a crypto lawyer now says the SEC will most likely settle with Ripple through a fine and the prohibition of selling what’s at escrow. Combined, this will support the XRP price.
Ripple Price Prediction
The XRP/USD price remains in tight range mode in the daily chart.
A level down, it appears that Ripple buyers are flowing back. Printing a series of lower lows, the XRP/USD price is within a bull flag with support at $0.25.
Also, prices are reacting at important levels within the first week of the Jan 2021 range. Pasting the Fibonacci retracement between Dec 19 lows and Jan 7 highs show that the XRP/USD price has support at the 61.8 percent level on the downside and 38.2 percent ($0.30) on the upper side.
A break above the bull flag’s resistance trend line with high trading volumes may see the XRP/USD price retest $0.40, or Jan 7 highs.
If bears flow back, forcing the XRP price lower, below $0.25, the coin’s valuation may sink as sellers target $0.16—Jan 2021 lows.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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