XRP price has been rising impressively, drawing investors towards the crypto asset.However, these traders might want to brace for a potential pullback following the recent rallies despite the Ripple community preparing for a win against the SEC.Ripple vs.SEC to end in favor of the crypto community Ripple supporters are pining for a win in the ongoing Securities and Exchange Commission (SEC) lawsuit.Despite the recent session noting no major development, Ripple President Monica Long stood with the community expecting an optimistic turnout.This is also because Ripple is prepared to even move out of the country should they lose the case, making sure business won’t be affected, whatever the outcome.
The crypto community is also expecting a change in the market trend should Ripple win the case.Traders are even anticipating a potential alt season following this win which would propel other crypto assets as well.
Ripple winning over the SEC would translate into altseason, so follow that closely even if not long “The Standard”— Alex Krüger (@krugermacro) [March 29, 2023] Even those who do not stand with Ripple are hoping for a win – just to put the SEC back in its place.Never thought I would be rooting for— Satoshi Flipper (@SatoshiFlipper) [$XRP]like this, but they need to win their lawsuit against the SEC so that we can establish boundaries.Because right now, their abuse of power has no limits.[March 28, 2023] Furthermore, a similar notion can be observed when it comes to investors, especially in the case of one of XRP’s biggest cohorts – the whales.XRP whales have only been acquiring the altcoin but have not really been active in moving it around much.Whale transactions have been average, with no significant movement noted in a while.
Historically this indicates bullish expectations at the hands of investors.XRP whale movement However, traders must note that the market could flip if profit taking takes precedence.
The 30-day Market Value to Realized Value (MVRV) ratio rising higher is evidence of the same.Standing above the neutral line, this zone has been synonymous with corrections in the past, and the XRP price could see some decline.
XRP MVRV ratio – 30-day XRP price looks up to the sky Akin to the MVRV ratio, the Relative Strength Index (RSI) is also suggesting corrections as the indicator has just breached into the overbought zone above 70.0.This shows that the market is overheated and needs to cool down, which could cause a price decline.Should that be the case and XRP price end up falling through the critical support at $0.505, it could bounce back at $0.475 or dip to $0.432, marking a 20% crash.
On the other hand, if the present bullishness persists, XRP could rise to test the critical resistance at $0.582.XRP/USD 1-day chart Flipping the same into a support floor would not only mark new highs for 2023 but also set XRP price up for a rise beyond $0.600 toward $0.644, noting a potential 20% rally.Information on these pages contains forward-looking statements that involve risks and uncertainties.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.Join Telegram Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks Ethereum supply shrinks by 70,000 ETH.
Will Ethereum price hit $2,000? []https://www.fxstreet.com/cryptocurrencies/news/ethereum-supply-shrinks-by-70-000-eth-will-ethereum-price-hit-2-000-202303290605 Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one.The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.More Ethereum news Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off []https://www.fxstreet.com/cryptocurrencies/news/decentraland-price-forecast-what-to-expect-from-mana-as-metaverse-fashion-week-kicks-off-202303282113 Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week.The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
More Decentraland News Ethereum devs confirm withdrawals to begin on April 12; Here’s what to expect from ETH price []https://www.fxstreet.com/cryptocurrencies/news/ethereum-devs-confirm-withdrawals-to-begin-on-april-12-heres-what-to-expect-from-eth-price-202303282011 Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge.The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.More Ethereum News Ripple holders’ profit taking hits a 19-month high as XRP price shoots up by 42% []https://www.fxstreet.com/cryptocurrencies/news/ripple-holders-profit-taking-hits-a-19-month-high-as-xrp-price-shoots-up-by-42-202303282222 XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors.These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
More Ripple News Bitcoin: Should you trust this BTC sell signal or wait for $34,000? []https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-should-you-trust-this-btc-sell-signal-or-wait-for-34-000-202303240711 Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January.
As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.Read full analysis.