XRP Price

Why is XRP price up today?

XRP’s price has gained over 4.5% in the past 24 hours amid speculations of Ripple’s reduced settlement costs to the U.S. SEC.

The price of XRP (XRP) is up today, rising nearly 4.5% in the last 24 hours to a three-week high of $0.65. In result, it has outperformed the broader crypto market, whose returns in the last 24 hours came to be about 1%.

XRP’s price gains in the last 24 hours come amid anticipations about Ripple reducing its potential settlement costs in its pending lawsuit against the U.S. Securities and Exchange Commission (SEC).

Notably, the SEC and Ripple remain in a remedies-related discovery process over the latter’s $770 million worth of XRP sales to institution investors. Ripple aims to reduce potential settlement costs by more than 50%, citing the Morrison vs. National Australia Bank case.

Stellar’s XLM bounces 15% two days after hitting record low versus XRP

XLM price is playing catchup to XRP’s March gains, quickly rising 25% versus the U.S. dollar while the XLM/XRP pair bounces from record lows.

The price of Stellar (XLM) rebounded 15% versus its arch-rival XRP (XRP) two days after the XLM/XRP pair set a record low of 0.181.

Notably, the XLM/XRP pair rose to its intraday high of 0.20 XRP on March 31, coinciding with a decoupling between Stellar and XRP in the U.S. dollar market. For instance, XLM’s price has jumped over 11% since March 29 versus XRP’s 3% decline.

*XLM/XRP weekly price chart. Source: TradingView*

XLM price eyes 10% gains versus XRP in April

On a broader timeframe, XLM dropped 89% versus its peak of 1.655 XRP in January 2021. Interestingly, the peak formed a month after the United States Securities and Exchange Commission sued Ripple for allegedly selling securities in the form of XRP tokens.

The SEC vs. Ripple case is now nearing its conclusion, with legal experts favoring a win for Ripple.

Meanwhile, XLM continues its long-term downtrend against XRP, though a rebound in April is on the cards.

On the daily chart, the XLM/XRP’s ongoing recovery started at its multimonth descending trendline resistance, which constitutes a falling channel, as shown below.

*XLM/XRP daily price chart. Source: TradingView*

The pair now looks toward flipping the 0.198–0.207 XRP resistance range as support to eye a run-up toward 0.22 XRP in April, up 10% from current prices.

XLM looks equally bullish versus the U.S. dollar

The Stellar price rallied more than 25% in March to reach $0.113, its highest level in four months. XLM is now positioned for a potential short-term price correction in the first week of April, followed by a rebound rally to new yearly highs.

At the core of this bullish outlook is a classic technical pattern dubbed cup-and-handle . The pattern forms when the price undergoes a U-shaped recovery, or cup, followed by a consolidation period, i.e., the handle, all under a common resistance level called “neckline.“

Meanwhile, it resolves after the price breaks above the neckline and rises by as much as the distance between the cup’s bottom and neckline.

Notably, XLM has been painting a similar cup-and-handle since November 2022. XLM/USD entered the pattern’s breakout stage during its price boom in March, and is now 20% away from reaching the breakout target near $0.131.

*XLM/USD daily price chart. Source: TradingView*

Nonetheless, XLM’s daily relative strength index has entered its overbought zone above 70, suggesting a consolidation or correction period in the first week of April. As it happens, XLM’s price risks correcting toward its neckline at around $0.095, down 12% from current price levels.

Related: Why is XRP price up today?

Ideally, traders perceive such corrections as a method to analyze cup-and-handle’s breakout strength. So the breakout scenario will be confirmed when the price bounces from the neckline, accompanied by a rise in trading volumes.

Conversely, if the price closes below the neckline with a rise in volumes, it risks invalidating the cup-and-handle breakout scenario altogether.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP price risks 30% decline despite Ripple’s legal win prospects

The Federal Reserve’s rate hike spree will likely spoil XRP’s most bullish fundamentals in years.

Ripple (XRP) price was wobbling between profits and losses on Sept. 19 despite hopes that Ripple would eventually win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC).

Ripple and the SEC both agreed to expedite the lawsuit on Friday to get an answer on whether $XRP is a security or not.

From the updates of the case, it sounds like it’s in the favor of @Ripple pic.twitter.com/SAyl4VLxdM

— Jeff Sekinger (@JeffSekinger) September 19, 2022

Fed spoils SEC vs. Ripple euphoria

The XRP/USD pair dropped by over 1% to $0.35 while forming extremely sharp bullish and bearish wicks on its Sept. 19 daily candlestick. In other words, its intraday performance hinted at a growing bias conflict among traders.

*XRP/USD daily price chart. Source: TradingView*

The indecisiveness could be due to XRP’s exposure to catalysts other than the SEC vs. Ripple lawsuit. Namely, the Federal Reserve’s potential to increase its benchmark interest rates by another 75 or 100 basis points in their policy meeting on Sept. 20.

As Cointelegraph reported, fears of aggressive rate hikes have pressured the crypto market lower throughout the year, including Bitcoin (BTC) and Ether (ETH). XRP is also not immune, given the token’s consistently positive correlation with Bitcoin since October 2021.

*XRP/USD and BTC/USD daily correlation coefficient. Source: TradingView*

For instance, XRP’s daily correlation coefficient with Bitcoin on Sep. 19 was 0.47. A reading of 1 means that the two assets move in lockstep.

XRP price in danger of going under $0.25 in Q4

Independent market analyst Cheds highlighted that XRP has been fluctuating inside a rectangular range since June, adding that “there’s nothing to be excited about” at present.

The range is defined by $0.38–$0.40 acting as resistance and $0.28–$0.30 acting as support. XRP’s price dropped after testing the resistance and, as of Sep. 19, was heading toward the support area, as shown below.

*XRP/USD daily price chart featuring head-and-shoulders setup. Source: TradingView*

Interestingly, a move toward the rectangular range support could also trigger a classic bearish reversal pattern called the head-and-shoulders, defined by three consecutive peaks forming atop a common support level, with the middle peak (head) higher than the other two (left and right shoulders).

A head-and-shoulders pattern resolves after the price breaks below its support line and falls by as much as the maximum distance between the middle peak and the support. Applying this theory to XRP’s daily chart presents $0.242 as the downside target.

In other words, XRP price could lose another 30% by the end of this year, driven primarily by macro catalysts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price pumps and dumps amid mysterious $51M whale transfers — What’s next?

XRP risks declining further in the coming weeks despite its eye-grabbing intraday price moves.

XRP price saw a major spike on Aug. 26, hinting at a possible effect from some big traders.

Large XRP transfers, Ripple Swell Global event

Notably, XRP’s price jumped 6% to $0.37, a two-week high, during the early London hours. The token’s upside move occurred hours after its network processed three massive transfers worth $51 million involving crypto exchanges Bitso and FTX, as highlighted by Whale Alert.

*XRP/USD hourly price chart. Source: TradingView*

XRP’s gains also came as a part of a broader upside move that started on Aug. 25, a day after Ripple announced its flagship event, “Ripple Swell Global,” to be held in London in November 2022. The market has seen similar reactions to the Swell event in the past.

Bearish reversal setup in play

XRP’s intraday spike left behind a “Graveyard Doji,” a bearish reversal candlestick with open, close and low prices near each other with a long upper wick. This candlestick suggests that the price rally witnessed at the beginning of the session was overwhelmed by bears by the end of it.

*XRP/USD four-hour price chart. Source: TradingView*

XRP now trades nearly 4% below its intraday high, testing a support confluence. The confluence comprises the upper trendline of XRP’s previous “ascending triangle” (at $0.35) and the 50-4H exponential moving average (50-4H EMA; the red wave in the chart above) near $0.343.

From a technical perspective, a break below the support confluence risks re-triggering the ascending triangle setup, with its profit target at around $0.33. In other words, a 7% price decline by September when measured from Aug. 26’s price.

Conversely, a rebound after testing the support confluence could have XRP eye a recovery rally toward the $0.36–$0.38 range (marked in red in the chart above). This area served as XRP’s consolidation range in recent months.