XRP price declined by 5% in the past 24 hours, falling as low as $0.491066 as the correction affected the cryptocurrency market as a whole.
Its current price means it is down 5% in one week, but is still up 26% over the past 30 days, which also saw the coin gain 44% since the start of the year.
Despite today’s decline, XRP looks set to see further gains in the not too distant future, with its chart forming a classic pennant, which could signal a breakout to come.
And with Ripple also awaiting the conclusion of its long-running case with the SEC, XRP could also see a massive fundamental boost over the next few weeks or months.
XRP price prediction as XRP chart prints bullish pennant – bigger price coming?
XRP’s chart makes for some interesting reading, with its recent price action forming a so-called pennant, in which an asset’s price becomes increasingly sandwiched between its support and resistance levels.
It is clear from the chart above that XRP’s support level (green) is converging with its resistance level (red), which means that something has to give at some point.
However, it is not certain that the convergence will result in a breakout, as XRP has just dropped significantly from its previous support level of $0.50.
Meanwhile, XRP’s Relative Strength Index (purple) has dropped from 70 at the beginning of April to below 50 today, with signs that it may drop further.
This could be a drag on the crypto market as a whole, which seems right in response to a combination of ongoing concerns about interest rates and Gary Gensler’s vague comments yesterday regarding the legal status of Ethereum.
However, while XRP may be set for further declines in the coming days, its medium and long-term future still looks promising as the crypto community awaits the end of Ripple’s case with the SEC.
it may come in the next few weeks All major pieces of evidence have been presented And attorney John E. Deaton suggested a decision could come as soon as May 6.
More importantly, expert opinion suggests that Ripple has a realistic chance of securing a positive ruling or settlement, allowing it to continue doing business as before and also enabling exchanges to list XRP. can do.
This includes attorney Jeremy Hogan, who recently argued that the SEC has not been able to prove that XRP buyers entered into an investment contract with Ripple when they first bought their tokens, something that Which the regulator should have demonstrated if it wanted to certify its underlying case.
Ripple has also seen several key decisions during the case, including gaining access to emails related to a 2018 speech made by then-SEC Chairman William Hinman, who said Ethereum was not a security.
Thus, Ripple has a good chance to prevail, and if it does, there is no question that XRP will experience a huge rally.
In fact, it could easily break $1 once again in the weeks following the issue, while returning to $2, $3 and more in the following months.
An alternative option: Dealans
But before the Ripple-SEC decision comes in, traders looking for big gains in the short term may prefer to look elsewhere, especially towards new altcoins in the process of their pre-sale.
the highest capacity of dealsEthereum-based decentralized marketplace for remote work in the Web3 sector.
After launching the pre-sale for its DLANCE tokens several weeks ago, DeeLance has now raised just over $280,000.
Investors in DeeLance have been attracted by how its platform adds a number of innovative features to typical freelancer marketplaces (such as Upwork), including the use of NFTs to secure and transfer ownership of work.
The aim here is to ensure that freelancers are remunerated fairly and fully for the work they do, with the ability to sell on NFTs to supplement their main income.
Another exciting feature is how Deallance will have its own metaverse, in which businesses and freelancers will be able to establish a presence and find work more seamlessly (and enjoyable).
Investors can participate in the presale of the deal its official website And connecting your software wallet with DLANCE can be purchased using USDT or ETH.
The price of one DLANCE token is currently $0.025, a price that will increase to $0.029 in four days as it enters the second phase of the sale.
This means that investors should act quickly if they want to buy DLANCE at its cheapest possible price, in line with DLANCE’s fundamentals, which means that the coin will be substantially appreciated once it is listed on exchanges later in the year. Will increase till