Due to regulatory pressure brought on by the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC), XRP was unable to benefit from the 2024 cryptocurrency market boom and, despite multiple breakout attempts, was unable to achieve considerable growth.
The price of XRP as of April 18 is currently trading at $0.494, having increased by roughly 0.47% in the previous day.
This slight rise is, however, countered by the fact that the token's market valuation has dropped significantly over the past seven days, from over $33 billion to under $28 billion, while its price has dropped by 19.01% over the previous week.
As of the time of publication, the token's market capitalization has dropped to $27.270 billion due to the recent decline.
On April 17, the cryptocurrency specialist known as CoinsKid shared a pessimistic assessment of XRP.
As evidence for a bearish outlook, the analyst points to the absence of a new price peak during the attempted upswing and the presence of a new price bottom during the recent dip. The analyst claims that XRP's recent price movement suggests a failed bullish breakout transitioning into a potential significant decline.
Watch out for these important XRP levels
Given that XRP is currently trading near crucial support and resistance levels, this is a pivotal moment for the cryptocurrency. At $0.438 is the level of immediate support, and at $0.550 is the level of more optimistic resistance.
In the long run, artificial intelligence (AI) machine algorithm models anticipate that XRP will have a bearish trend, with a predicted fall of 12.55% and a target price of $0.432 by May 1.
Machine learning algorithms identify a short-term negative trend that could lead to a minor increase in the next hours.
The algorithms that use Bollinger Bands (BB), average true range (ATR), moving average convergence divergence (MACD), relative strength index (RSI), and other technical analysis (TA) indicators.
Similar to this, a bearish attitude is indicated by the technical indicators, which have an overall "sell" rating. Oscillators and the moving average (MA) indicate a "strong buy."
April 2024, Cryptoniteuae