Technical Analysis

XRP/USD Price Analysis – June 08, 2023

By LonghornFX Technical Analysis
Jun 8, 20234 min
Xrp Usd

Daily Price Outlook

Ripple (XRP) coin has continued its downward rally, experiencing a drop of over 2% in the last 24 hours. The decline can be attributed to the overall bearish sentiment in the cryptocurrency market, further intensified by the news of the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance, the largest cryptocurrency exchange in the world. These developments have put significant downward pressure on XRP and contributed to its ongoing downward trend.

On a positive note, a tweet by crypto lawyer Bill Morgan featuring a sunset photo has sparked optimism regarding the Ripple-SEC case. This tweet is one of the key factors that may help XRP regain its strength and potentially improve its market performance.

The XRP price currently stands at $0.520470, with a 24-hour trading volume of $1,365,337,670. XRP is currently ranked #6, with a live market cap of $27,057,669,040.

Ripple-SEC Lawsuit Nearing Resolution: Positive Outlook for XRP Enthusiasts

Crypto lawyer Bill Morgan, a supporter of XRP, has hinted that the Ripple-SEC lawsuit may be reaching a resolution, which is seen as positive news for XRP. However, the recent lawsuit filed by the SEC against Binance has sparked speculation that the Ripple case may also see progress soon.

The XRP community perceives the SEC’s actions against Binance as an attack on the entire cryptocurrency industry. In light of these developments, some community members believe it is unlikely for the SEC to continue its legal battle with Ripple simultaneously.

Meanwhile, the upcoming release of redacted versions of crucial documents, including those involving former SEC official William Hinman, adds to the anticipation of potential advancements in the Ripple lawsuit. Consequently, this news is expected to have an immediate impact on the price of XRP.

XPPL Labs Achieves Positive Security Audit Results for XRP Ledger’s Hooks Amendment

XPPL Labs has achieved a significant milestone by conducting a comprehensive security audit on the Hooks amendment for the XRP Ledger. The audit was successful, with no significant security issues identified. The development team promptly addressed the few minor issues that were discovered. This audit outcome enhances the trust and reliability of the XRP Ledger, positioning it as a strong competitor to Ethereum.

The positive result of the security audit conducted by XPPL Labs on the Hooks amendment for the XRP Ledger has the potential to impact the price of the XRP coin positively. It reinforces the trust and dependability of the XRP Ledger, which could attract more investors and market participants.

SEC Introduces Guidelines Impacting Cryptocurrency Exchanges and Market Integrity

The Securities and Exchange Commission (SEC) has implemented new regulations to prevent fraud and manipulation in Securities-Based Swap (SBS) entities. These rules are designed to protect investors and ensure the market’s integrity. It is important to note that these regulations also apply to cryptocurrency exchanges operating as SBS platforms.

As a result of the SEC’s classification of 67 cryptocurrencies as securities, exchanges supporting the trading of these assets may be affected. This could potentially disrupt liquidity and lead to delistings. While the intention behind these changes is to bring clarity and enhance market protection, they may introduce temporary instability in the cryptocurrency sector.

Therefore, these developments have the potential to impact the price of XRP in the short term and create temporary uncertainty within the cryptocurrency market.

XRP/USD Price Chart – Source: Tradingview

XRP/USD – Technical Outlook

Ripple (XRP) is exhibiting a slight bullish inclination from a technical standpoint, having rebounded from the support zone around $0.5108. On the four-hour chart, the formation of a doji candle followed by a hammer candlestick pattern suggests a decrease in selling pressure and a potential shift in favor of buyers.

The presence of an upward trend line indicates growing bullish momentum. However, the Relative Strength Index (RSI) hovers around the 50 level, indicating a neutral stance.

The Moving Average Convergence Divergence (MACD) displays histograms around the midline, indicating a balance between buying and selling pressures.

A resistance level can be identified at $0.5345, and a breakout above this level could stimulate increased demand and push XRP toward the target level of $0.5478.

A breakout above $0.5478 may be possible, which could propel XRP toward $0.5595 or even higher. Conversely, if XRP breaks below the support level at $0.5108, it may target subsequent support levels at $0.5000 and $0.4895.



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