Skip to content

Potential catalysts for XRP price incoming; Expert analysis

Potential catalysts for XRP price incoming; Expert analysis

With the majority of the cryptocurrency market making an upward move after a period of stagnation that culminated with a significant dip, XRP is no exception, and one cryptocurrency analyst has identified a few potential catalysts that could move the needle in either direction for the token.

As it happens, pseudonymous crypto expert Cryptoinsightuk has pinpointed several upcoming events and influences that could act as catalysts for the price of the XRP token – positive or negative – depending on their outcome in an analysis shared on September 19.

Events to watch

Specifically, the first of these two events is the decision of Judge Analisa Torres in the legal battle between blockchain company Ripple and the United States Securities and Exchange Commission (SEC) regarding the regulator’s motion to appeal, which the analyst said could happen anytime.

The second is Ripple’s grand celebration party that is set to take place on September 29 in New York City, as announced by the company’s co-founder and CEO Brad Garlinghouse, in the expectation of a triumph in the case against the SEC, which has so far cost the company more than $100 million to date.

Finally, the expert stressed that Bitcoin (BTC) might have already started to surge and, as “the tide that lifts all boats,” there is a change that the flagship decentralized finance (DeFi) asset “could catalyze an explosion for XRP.”

XRP technical analysis

At the same time, Cryptoinsightuk highlighted the fact that XRP has not yet broken anything and was still looking for a bottom in the area this expert called back in August, holding above the $0.47 area, as the relative strength index (RSI) “has created a higher low from its last two oversold touches.” 

This, the analyst said, indicates a possible momentum shift back to the upside, as the token was fighting “through the moving averages [MA] on the daily timeframe,” and the “area labeled ‘Support’ is now unfortunately resistance as we crashed through that when we saw large liquidations on August 17th.”

Furthermore, the expert specified that “the areas labeled ‘Gap’ are where I feel short term traders may be looking to take profit / potential areas of resistance,” and getting above the “Support” zone would inevitably lead towards the “Resistance” area.

XRP price action analysis. Source: Cryptoinsightuk

XRP price analysis

Meanwhile, XRP was at press time changing hands at the price of $0.51397, recording an increase of 0.96% on the day and gaining as much as 7.74% across the previous week while setting off the losses from the past month, which currently stands at 1.47%, as the recent charts demonstrate.

XRP 7-day price chart. Source: Finbold

Interestingly, the New York Department of Financial Services (NYDFS) unveiled the updated regulations on its supervision of digital assets, eliminating XRP from the list of approved cryptocurrencies, but the negative development has so far failed to push the token’s price downward.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.