Bittime - The price of XRP, the world's seventh largest cryptocurrency, failed to reach its $1 target this March. The entire crypto market is experiencing a decline after previously surging.
XRP price fell from $0.7484, its highest level in 2024, to $0.5689. This drop follows Bitcoin's near $60,000 drop and Ethereum's plunge from $4,000 to $3,050.
Currently the price of XRP is around $0.60 after experiencing an 11% decline in the last week. Several 4-hour candle chart closes below the crucial $0.6 level indicate the downward trend may continue.
Impact of Ripple vs SEC Case on XRP Price
Recent developments in the case between Ripple, the company that issues XRP, and the United States Securities and Exchange Commission (SEC) could impact the future of XRP. Both parties are currently facing important deadlines.
Ripple's legal team is required to "file and edit their response to the SEC documents" by April 23. The SEC's legal documents will be kept secret until April 24 before they are finally released to the public.
Meanwhile, the SEC has until May 7 to put together its arguments. Some of their documents will be made public on May 8.
This comes after all parties involved in the lawsuit submitted a joint proposal to keep confidential documents related to Ripple's response to the remedies that will be filed in this case.
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XRP Struggles With Downward Pressure
XRP price is at risk of falling further from Tuesday's opening level of $0.5839. 4-hour chart analysis shows the price is below all short-term moving averages, including the 20-day, 50-day and 200-day Exponential Moving Average (EMA).
The longer XRP stays under this bull market indicator, the stronger the selling pressure becomes.
The Relative Strength Index (RSI) indicator is currently at 42 and is still falling towards oversold territory, making those who hope for price increases (bulls) increasingly depressed.
The possibility of XRP returning to test the support level at $0.5683 is quite large, considering the death cross pattern on the 4-hour chart. A death cross occurs when the 20-day EMA crosses below the 200-day EMA, which is a strong bearish signal.
Market players who wish to buy XRP in a long position are advised to be patient until XRP shows a trend reversal above the 78.6% Fibonacci level which coincides with the 20-day EMA. From this level, XRP has the potential to strengthen back to $0.7 before continuing towards $1.
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XRP Latest Performance
In the last 24 hours, XRP's performance showed quite interesting dynamics. The price of XRP has fluctuated with a trading range between US$0.5836 to US$0.607. Despite the 2.8% decline, XRP still recorded an increase of 5.82% in the last seven days.
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XRP's market capitalization currently stands at US$33.3 billion, with 24-hour transaction volume recorded at US$2.5 billion. This indicates significant trading activity in the cryptocurrency market for XRP.
Overall, This performance reflects the dynamics of the crypto market which is rapidly changing and responsive to various external factors.
How to Buy Ripple (XRP) on Bittime
You can buy and sell Ripple (XRP) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ripple (XRP) is available on Bittime with the market pair XRP/IDR. To be able to buy XRP IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ripple (XRP) on Bittime.
Monitor price chart movements for Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
XRP Breakout: Latest XRP (XRP) Price Analysis and Predictions
XRP (XRP): Price Analysis and Prediction in 2024
XRP Whales Move Tens of Millions of XRP As Price Approaches $0.6
Whale Transactions Affect XRP Prices
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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