• XRP price remains indecisive as it hovers around the $0.381 resistance level.
  • A rejection coupled with a narrative shift in the crypto market could result in a 17% crash.
  • Although unlikely, a flip of the $0.381 barrier into a support floor will invalidate the bearish thesis.

XRP price is grappling with a significant resistance barrier after months of trying to flip it. The most recent failure could result in a steep correction, especially if Bitcoin price crashes. While the structure for cryptocurrencies remains indecisive, Congressman Brad Sherman said in a recent interview that the US Securities and Exchange Commission (SEC) will prevail in its investigation into Ripple.

While the lawsuit is yet to bear fruit, if SEC does win, it would be a body blow for the remittance token and could trigger a massive crash. For now, however, things seem to be siding with bears after multiple attempts fail to break above the immediate hurdle.

XRP price ready to make a move

XRP price used the $0.381 level as a foothold between May 13 and June 10. After a breakdown on June 11, the altcoin has been trying to reclaim it but the four attempts so far have failed to yield any results

The last rejection was on August 8 and indicates that the XRP price is likely to reverse its direction soon. If the larger ecosystem also flips bearish due to the incoming inflation announcement scheduled on August 10, things could get extremely volatile.

A bearish onslaught could see XRP price crash to the $0.340 support level. A breakdown of this barrier could result in a further decline that retests the $0.287 to $0.311 demand zone. In total, this downswing would constitute a 17% move.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

On the other hand, if XRP price musters more buying pressure and flips the $0.381 level into a support floor, it will invalidate the bearish thesis. In such a case, investors can expect Ripple to make a move that propels it up to $0.439.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Christie’s moves on-chain with NFT auction platform on Ethereum

Christie’s moves on-chain with NFT auction platform on Ethereum

After a series of successful high-priced nonfungible token (NFT) sales, Christie’s has launched its own dedicated NFT "on-chain auction platform," allowing auctions to be carried out fully on-chain on the Ethereum network.

More Cryptocurrencies news

Binance Coin price could shed more than 10% if this trend continues

Binance Coin price could shed more than 10% if this trend continues

Binance Coin price has been on a downtrend for quite some time and has intensified after the recent sell-off in Bitcoin price. Investors need to pay close attention to the BNB’s moves over the last three weeks, which revealed a bearish setup.

More Binance Coin news

Japan to bring crypto within FATF Travel Rules by May 2023 to track illicit transfers

Japan to bring crypto within FATF Travel Rules by May 2023 to track illicit transfers

The privacy that comes with the use of cryptocurrencies has been both a bane and a boon for the community. Boon because it has made finances more of a personal affair but bane because it has also made it an effective medium of illicit financial activities. 

More Cryptocurrencies news

Cardano (ADA) Price Prediction: A sweep of the summer lows in the making

Cardano (ADA) Price Prediction: A sweep of the summer lows in the making

Cardano price congestive nature continues during the final week of Sept. Despite the rest of the market experiencing volatile moves this week, the price has been quite stagnant. ADA currently auctions at $0.44 as the bears have prompted a 4% drop in market value.

More Cardano news

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP