XRP is on the verge of breaking out from a falling wedge pattern, signaling a potential 5.8% rally. Ripple, the company behind XRP, plans to dump 400 million tokens, marking its largest monthly token dump since 2017. Despite being marketed as a digital asset with practical use and legal certainty, the price of XRP has not seen significant changes. However, recent news has the cryptocurrency community hopeful for a price increase.
According to CoinMarketCap data, XRP is currently trading at $0.5221, showing a 0.87% increase in the last 24 hours. However, it has experienced a bearish trend with a 1.56% decline over the past 7 days. The price of XRP has been following a declining channel, with lower lows and lower highs. It is also trading below the 50-day and 200-day simple moving averages, indicating a battle between bulls and bears.
Despite the current decline, XRP’s price movement has formed a falling wedge pattern, which suggests that the market structure is nearing its end. An upside breakout from this pattern could potentially lead to a 5.8% price increase. If successful, XRP may reach its previous high of $0.74, but it could face resistance at $0.66 and heavy resistance at $0.57. On the other hand, support zones are seen at $0.5, $0.48, and $0.46.
One potential catalyst for a surge in XRP’s price is a decision made by Judge Analisa Torres last year, which favored XRP and caused its price to skyrocket to around $1. Ripple and the SEC have recently agreed on a filing and redacting schedule for documents related to the upcoming remedies phase. The SEC has requested that the court enter the Proposed Final Judgment as a Final Judgment on May 8, 2024, which could have a significant impact on XRP’s price in the coming days.
In addition, Ripple is set to conduct its largest monthly token dump since 2017, with 400 million XRP tokens. This news, combined with the potential legal developments, adds to the anticipation surrounding XRP’s price movement.
Overall, while XRP has been marketed as a practical and legally certain digital asset, its price has not reflected this. However, recent news, including the potential breakout from a falling wedge pattern and the upcoming legal developments, has the cryptocurrency community hopeful for a price increase.