With the ongoing legal drama, Ripple is requested to submit financial documents to the SEC. This move will help determine the penalties for unlawful sales to the institutional investors, affecting the XRP price in the short-term.
Currently, the downfall in the Ripple market value has grown intense over the weeks and challenges the bullish dominance over the $0.50 mark. Further, the bearish crossover and the lack of upside moves during the market recovery spikes reflect a lack of momentum. This questions the bullish anticipations of XRP price prediction.
Will Ripple Prices Regain Momentum in 2024?
Source – Tradingview
In the ongoing downfall, the lower high formation leads to a strong resistance trendline in the daily chart. Further, the bearish phase finds average trading volume supporting the move, reflecting an intense correction that may soon lead to lower prices.
Dropping under the 200-day EMA, the correction rally starting from $0.70 now tests the bottom support at the crucial $0.50 mark. With this 30% drop in XRP price, the sideline traders are cautious to enter bullish in this bear run.
However, the bullish dominance at the $0.50 mark teases a double-bottom reversal as the market sentiments improve. Hence, a morning star pattern at this level can lead to a high speed recovery for Ripple.
RSI indicator: Supporting the bullish reversal possibility, the daily RSI line shows an intense divergence as RSI reverts from the oversold boundary. Hence, the momentum indicator supports the double bottom reversal thesis.
Will The XRP Price Reach $1?
As the ongoing downtrend challenges the $0.50 mark, altcoin is at a pivotal junction that may soon lead to a bullish comeback. However, the intense selling pressure sirens a crash alert below $0.50.
Therefore, the sideline traders can find the morning star pattern as an entry signal to buy this dip. On the flip side, a closing price below $0.50 will nullify the reversal possibility and can lead to a drop to $0.45875.