XRP Price Struggles With Forming New All-Time High; Ripple CEO Calls for Clear Regulations

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear runs. The current situation of XRP, while not exceptionally bullish at the moment, is one that has a hint of familiarity.

The upward trend of XRP’s price has encountered obstacles, preventing it from achieving a new record peak (highest price ever reached).

Although the cryptocurrency has seen some increases lately, its inability to sustain growth consistently has sparked worry, particularly since pessimistic opinions are starting to grow more popular.

XRP Faces Bearishness

Ripple CEO Brad Garlinghouse recently made an appearance on the program “60 minutes”, where he talked about XRP and crypto. Discussing the future of crypto in regard to the regulatory challenges, Garlinghouse stated that Ripple has been demanding clear rules for the road.

“We haven’t been asking to be deregulated. We’ve been asking to be regulated,” stated Garlinghouse.

For quite some time, there’s been a lot of discussion about regulating the cryptocurrency sector. Now that pro-cryptocurrency candidate Donald Trump has taken office, cryptocurrency supporters are hopeful that these regulations might become more favorable.

Despite a generally positive sentiment, it should be noted that the current forecast for XRP pricing isn’t particularly bullish. A sell signal has been triggered by the Price Daily Active Addresses (DAA) Divergence over the past few days. The simultaneous increase in price and decrease in active addresses suggests a bearish trend for XRP.

Previously, similar advancements have triggered a decrease in price, and it’s possible that this trend might repeat itself with XRP. However, dedicated long-term investors and XRP supporters can overcome this by holding onto their XRP during the market downturn (HODL).

Furthermore, the Moving Average Convergence Divergence (MACD) signal line suggests a potential change in trend direction. Previously displaying bullish signals for over a month, the MACD now indicates increasing bearish influence.

This change indicates that the upward momentum of XRP may be weakening, potentially leading to a flip in its price trajectory soon. Previously bullish investors now find themselves grappling with growing apprehension.

It appears that XRP’s progress seems to be slowing, suggesting potential challenges in surpassing crucial resistance points. The MACD (Moving Average Convergence Divergence) is showing a bearish crossover, leading some traders to reconsider their investment decisions. This change could mean that XRP’s price may experience increased downward pressure, making it more challenging to achieve the anticipated new all-time high above $3.31.

XRP Price Prediction: Keeping Supports Intact

At present, XRP is valued at around $2.14, which represents about a 54% gap from its all-time high (ATH) of $3.31. Although XRP maintains itself above the crucial $2.00 support line, reaching another ATH appears to be a tough journey. The decrease in bullish energy and increase in bearish feelings indicate that surpassing $3.31 might not happen soon.

To keep its bullish momentum going, XRP should ideally stay above the $2.00 resistance point. If it fails to sustain this level, there’s a risk that the cryptocurrency might plummet further, potentially dropping down to around $1.28. Losing this level significantly weakens any hopes of XRP achieving new highs.

As a researcher, I’m keeping a close eye on XRP’s performance. Despite the pessimistic indicators, if XRP manages to regain its momentum and hold above the $2.00 support, there might be potential for an upturn. The $2.00 level is crucial as it provides a gauge for whether a recovery could be on the horizon. However, the current landscape remains unclear, with substantial resistance ahead that may pose challenges.

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2024-12-10 10:50