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XRP price could fall by 30 percent: Despite possible Ripple victory against SEC

 


Ripple ( XRP ) price fluctuated between gain and loss on September 19th. A glimmer of hope is the thought that Ripple could win its long-running legal battle against the US Securities and Exchange Commission.

XRP/USD is down over 1 percent to hit $0.35. There were extremely long bullish and bearish wicks on the September 19 daily candle . In other words, its intraday performance indicates a growing conflict among traders.

The indecisiveness could be due to the fact that XRP has other factors at work besides its lawsuit against the SEC . For example, on September 20, the US Federal Reserve could raise interest rates by 75 or 100 basis points .

For example, on September 19, XRP’s daily correlation coefficient with Bitcoin was 0.47. A value of 1 means that the two assets are moving in lockstep.  


XRP price threatens to drop below $0.25 in Q4

Independent market analyst Cheds has highlighted that XRP has been fluctuating within a rectangular range since June. He added that there is "nothing to be excited about" at the moment.


The price is range-bound between the $0.38/$0.40 resistance zone and the $0.28/$0.30 support zone. XRP price is down after testing resistance. It moved towards support on September 19, as seen below.

A move towards the rectangular support could form a classic bearish reversal pattern called a head and shoulders. This manifests itself as three consecutive spikes forming at a common support level. The middle tip (head) is higher than the other two (left and right shoulder).


A head and shoulders pattern dissipates when price breaks below its support line. The price falls by the maximum distance between the middle peak and the support. In the case of XRP, that would mean the downside target is $0.242.


In other words, XRP price could fall another 30 percent by the end of the year due to macro catalysts.

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