XRP Price Prediction: After Ripple CEO Brad Garlinghouse Interview On CBS’s 60 Minutes, Traders Turn To This Crypto Wallet For Parabolic Gai...
Release: 2024/12/09 22:34 Reading: 880
The XRP price has plunged 4% in the last 24 hours, trading at $2.43 as of 02:27 a.m. EST on trading volume that dropped 2% to $13.5 billion.
This comes after the much-anticipated appearance of Ripple CEO, Brad Garlinghouse, on the CBS “60 Minutes” program.
According to the Ripple boss, the cryptocurrency industry was simply asking for “clear rules of the road,” rather than to be deregulated.
While commenting on his interview, Garlinghouse said in a post on X that 60 Minutes “shockingly left out” that a Federal judge had ruled that XRP is not a security.
XRP Price Aiming For A Bullish Trend Reversal
The XRP price has been on a sustained bullish rally since the beginning of November, where the bulls capitalized on the $0.55 support to push the price up through a parabolic rise to the $2.87 resistance zone, according to data from GeckoTerminal.
However, the bears have since taken control of the asset, with the Ripple token falling slightly within the falling channel pattern.
However, the price of XRP still trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which is an indication that the XRP price may still surge towards a bullish reversal pattern over the falling channel.
The Relative Strength Index (RSI) is at 47.99, close to the neutral 50 level, indicating a lack of clear momentum. It has cooled significantly from the overbought zone, leaving room for either recovery or continued decline.
A breakdown below the $2.40 support could lead to a retest of the $2.20 level. Further selling pressure might push the price toward the 200-MA at $1.40, which would be a critical long-term support zone.
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However, in a scenario where the XRP bulls start buying the asset, the price may undergo some reversal, which could push XRP back to its previous resistance zone, as the bulls target $3.5, over its previous all-time high at $3.40.
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