Ripple Dream Turns Into Nightmare: XRP Price Encounters Multiple Rejections, Dampening Bullish Momentum

The post Ripple Dream Turns Into Nightmare: XRP Price Encounters Multiple Rejections, Dampening Bullish Momentum appeared first on Coinpedia Fintech News

The SEC ending their investigation into Ethereum 2.0 has sent ripples through the crypto community, especially among XRP holders. Why? Because it seems like the SEC is shifting its focus. But what does this mean for Ripple and for XRP? The XRP community is buzzing with reactions to the SEC’s decision. Many feel that Ethereum has been given a free pass while Ripple continues to be in the hot seat.

Recently, there’s been a glimmer of hope with talks of a possible settlement. This news has significantly boosted demand for XRP. However, this continuous back-and-forth is like a high-stakes chess game, and every move impacts the XRP price predictions. 

According to recent reports, certain developments could act as catalysts for massive price action for XRP. Regulatory clarity is key, while it’s all about technological advancements and network updates. According to cryptocurrency analytics platform Santiment, XRP and Cardano are among the most heavily shorted cryptocurrencies following their recent relief rallies.

The analyst  mentioned that the future of Ripple XRP’s price hinges on these developments. Looking at the technical analysis for XRP, he answered the question on everyone’s mind–where is XRP headed in the short term, and what might happen once Ripple XRP gets approval from the SEC?

Short-term XRP price analysis: 

Currently, XRP is facing strong resistance around $0.513 on both the 50-day simple moving average and the exponential moving average. Recently, it spiked to $0.5213 before dropping to $0.469, showing a pattern of lower highs and lower lows on the daily chart. This suggests we could see more ups and downs ahead.

Looking at indicators like the Stochastic RSI, it is nearing overbought territory, which usually signals a potential downward shift in momentum. If XRP fails to hold above key support levels around $0.4188, we might see further declines towards $0.35-$0.36. 

Despite these challenges, there’s potential for a turnaround if XRP manages to break above its moving averages and the 200-day EMA at $0.546. This could attract bullish momentum.