XRP Price Falls as it Fails to Reach Critical Support Levels
XRP price is seeing a downward turn as sentiments for the coin fail to support its recent bullish run. Ripple is currently looking at a risk leading to a 10% fall towards the $0.70. This comes immediately after a recent bull run last Saturday and Sunday. The prevailing chart for the digital token suggests that the cross-border payment and remittance token could continue to consolidate.
XRP saw a descending parallel channel on the 4-hour chart, where it experienced lower highs and lower lows. If it continues, the token could fall lower if buyer absence continues in the following days. If the selling pressure continues for the token, XRP is expected to drop to $0.70 and continue falling to $0.65 if it falls below its defense line.
On the other hand, if the recent bullish sentiments are reignited, XRP price will face an immediate rise to $0.81 as it hurdles over the 61.8% Fibonacci retracement. After overcoming the next hurdle, the technical pattern will pull it upwards to $0.83.
As it stands, XRP will definitely target another rise towards the February 10 high of $0.91. And with the recent developments with its real-world and cross-border remittance capabilities, the chance of this happening is heightened.
Last month, RippleNet blockchain partnered with Morroco’s largest bank. American Express, Bank of America, Banco Santander, and several others were also onboarded by the blockchain to expand its cross-border remittance ecosystem.
This move, along with the rising positive sentiments from the cryptocurrency community, is slowly turning into leverage that puts the US SEC in a bind against RippleNet in their long-running legal battle that has been going on for the last few years.
With this, the Securities and Exchange Commission’s victory will unlikely come anytime soon, if at all. And if the blockchain wins, the return of Ripple’s signature coin, XRP, will be inevitable.