XRP price freefall stops as crypto market cap tops $1 trillion
- XRP price is on the verge of bouncing off a rectangle support pattern for gains above $0.3667.
- Ripple and the SEC finally have a settlement window for the ongoing litigation.
- Losses engulf the entire cryptocurrency market, forcing the total crypto market cap below $1 trillion.
XRP price is consolidating support around $0.3180 following a sharp decline from resistance at $0.3367. Although cross-border money transfer chip trading just above $0.3200, all eyes are fixed on its ability to reject support for a sustained northward move.
On the other hand, analysts believe that as Bitcoin price falls below $19,000, it pulls the entire crypto market down. It’s sitting at $18,751 at the time of writing while Ethereum price struggling to care about 9.0% in daily losses. These widespread declines have seen the total crypto market capitalization drop to $982 billion; in addition, it could test June levels of $875 billion.
read more: Reasons why XRP’s green candle for this week doesn’t mean anything in Ripple’s bear cycle
Ripple vs. SEC lawsuit: Is a settlement on the horizon?
The Ripple vs. SEC Litigation has been going out for almost two years. But, Jeremy Hogana legal expert who follows the case closely believes both parties could reach a settlement within the next few months.
According to Hogan, the allegations are aimed at the Securities and Exchange Commission (SEC). Ripple Labs and its senior executives that it sold XRP as an unregistered security can be settled before November.
“[The] the most likely time frame for a settlement is from now until the end of November, because the cards will be on the table,” Hogan reckoned.
The trial has been relatively suppressed XRP price to the extent that it failed to reach a new lifetime high during the previous bull market. A positive outcome can change the narrative, allow it XRP price to achieve its bullish potential.
XRP price is moving back towards a possible rectangle breakout
XRP price was rejected on its last breakout mission by resistance at the top of a rectangle price pattern, as illustrated in the four-hour chart below. The losses were unstoppable until the international remittance symbol hit the support line of the steering pattern.
Due to extreme volatility, XRP price now oversold levels twice in the same week. Still a search Stochastic Oscillator reveals a strong uptrend in the cards. It is worth noting that the index turned bullish as soon as it lifted out of the oversold region. If Stochastic sustains this uptrend, bulls will regain confidence and adjust their mission to the rectangle barrier of $0.3367 – beyond that, they may even be ready for the ultimate climb past $1.0000.
XRP/USD four-hour chart
The market value realized value (MVRV) on-chain metrics of Sentiment confirming the upcoming XRP price breakout. With a reading of -5.35%, investors generally feel XRP is undervalued and is therefore in a buy zone.
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XRP MVRV chain model
Generally, a reading above the average line (0.00%) implies overestimation. In other words, most owners are in profit and will likely sell to make a profit. Investors need to heed the bullish call to buy XRP – a move that can set up cross-border money transfer token for a rally in the coming days – perhaps weeks.
Read more: XRP Price Prediction: Ripple Inflates 1 Billion XRP Tokens into Circulating Supply
