Investors are uncertain about XRP’s future after Judge Jed Rakoff’s decision to dismiss the XRP vs. SEC judgement. Over the previous day, XRP’s price dropped below the $0.6850 support level.
As investors started to doubt Ripple’s long-term viability, the cryptocurrency’s price registered a 24-hour loss. Judge Jed Rakoff’s recent rejection of the distinction claimed in the Ripple case has cast doubt on the viability of the remittance coin. This means that XRP’s price might drop rapidly, wiping out all of the gains it earned last month.
The price of XRP continued to fall Tuesday, closing below the $0.6893 20-day exponential moving average line. This led to a breach of the $0.6850 support level. The cryptocurrency might drop below the 50-day EMA line in the coming days if it ends today’s trading session below this level.
If the remittance token were to fall back to test the next major support level around $0.5890, this EMA line would be the final line of defence. In the next 24 to 48 hours, if bulls yield to sell pressure, XRP’s price might fall below the crucial resistance level.
If XRP manages to finish a daily candle above the aforementioned $0.6850 price target during the next 48 hours, my bearish thesis will be rendered null and void. In this case, XRP may try to climb to $0.7660 next week. It may be wise for investors to wait for the remittance token’s price to rise over the 9-day exponential moving average (EMA) now sitting at $0.6999 before establishing a long position.
If this trend keeps up, the altcoin’s price might hit $0.7037 in the next 48 hours. However, if the bullish chart pattern does not hold, XRP might drop to a low of $0.6596.
According to CoinMarketcap, XRP was trading at $0.6712 at the time of this writing. This followed a 3.26 percent drop in the value of remittance tokens during the previous 24 hours. As a result of the week’s cumulative losses, the cryptocurrency is now down 5.70 percent.
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