Ripple’s XRP Price Prediction: Will The JP Morgan Crypto Economy Forum Drive Moves
Ripple’s XRP is attempting somewhat of a recovery but buyers seem to be struggling to cross the psychological level of $1 in the absence of strong fundamental developments to support an uptrend. At the time of writing, XRP/USD is trading around $0.982.
All Eyes on Coinbase CEO’s Comments About Ripple’s XRP Today
The XRP cryptocurrency is also experiencing lower trading volumes lately, further keeping volatility on the downside and failing to offer enough of a push for price action in either direction. Although, this week does promise some interesting things to look forward to, especially the JP Morgan Crypto Economy Forum scheduled for later in the day.
The event will be closely watched especially after the leading investment bank sounded upbeat about the seventh largest crypto taking off if Ripple wins the lawsuit against the SEC. The XRP Army will monitor Coinbase CEO Brian Armstrong’s comments at the forum, especially after JP Morgan’s report listed Coinbase as a key catalyst for XRP’s adoption among the crypto community going forward.
A key point to note is that, despite the ongoing legal challenges in the US, Ripple has had a busy few months, expanding its footprint for its XRP Ledger and On-Demand Liquidity services to power cross-border remittances across several key economies, especially in the Middle East and Asia Pacific regions. There are also several experts who believe that Ripple’s XRP could surge irrespective of the outcome of the lawsuit as a loss could see Ripple moving its operations out of the US and setting up in a more crypto-friendly location to forge ahead with its strategic expansions.
XRP Sell-off by Whale Exerts Some Downside Pressure
Meanwhile, in the near-term, the cryptocurrency is also facing some pressure to the downside after an anonymous whale transferred 40 million XRP to a Binance wallet and sold them off immediately. Increased selling activity in a crypto by a whale drives up the supply of the asset in the market and sends its price lower as a result. However, the impact of this whale transaction has been muted so far, as it could also be transactions between wallets of CEXs instead of an individual investor selling off their holdings.
XRP/USD Technical Analysis
On the H4 price chart of XRP/USD, we find a bullish bias among most of the smaller moving averages along with leading technical indicators MACD and momentum. Although, the 50 EMA, 100 EMA and 200 EMA are pointing to some selling interest in the market.
Ripple’s XRP is holding just above the pivot point at $0.976 but buyers are unable to cross the key $1 mark. Keep an eye on this level as a break above it could see a test of the immediate resistance at $1.06.
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