XRP price analysis: The price of XRP dropped 1.5% in the last 24 hours to trade at $0.47 at press time. The slip in price comes after Bitcoin slid lower from yesterday’s price, inching closer to breaking below a crucial support level. If Bitcoin breaks below this key support, it may spell doom for XRP and the general crypto market. 
<h2 id="span-style-font-weight-400-xrp-price-analysis-148-day-falling-wedge-about-to-breakout-span">XRP Price Analysis: 148-Day Falling Wedge About to Breakout</h2> 
<img decoding="async" class="aligncenter size-full wp-image-204606" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24.jpeg" alt="XRP price" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-27-at-09.50.24-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
<a href="https://coingape.com/price/xrp">XRP price</a> action has morphed into a giant falling wedge that is dangerously close to breaking out. On the lower side, there is a strong support level tested multiple times in the last 396 days.&nbsp; 
On the 4-hour timeframe, XRP price action is trending at the bottom of a 20-day range and may bounce off the current support level to retest $0.50. 
XRP chart points to a bullish breakout shortly as the price action is fast running out of space to move in the falling wedge. A breakout to the upside may result in a 55% move that would set the price at $0.72. 
On the flip side, the Ripple price action is trending below but close to the 50-day and 200-day simple moving averages (<a href="https://coingape.com/education/simple-moving-average-how-to-leverage-it-in-crypto-market/">SMA</a>) on the daily time frame. 
Furthermore, the XRP 14-day relative strength index (RSI) is at 35, just 5 points above the oversold zone. If it slides into this zone, we may experience increasing selling pressure before a bounce, as an oversold zone is a usual signal of price bottoming out. 
Currently, $0.45 is the largest and strongest support level for XRP, but a slide below this could trigger other lower support levels around $0.35, and $0.32.&nbsp; 
XRP price may be affected by several things, two of which include the potential approval of an XRP ETF, and <a href="https://coingape.com/ripple-vs-sec-news-ripple-president-clears-the-air-on-lawsuit-xrp-etf/">Ripple</a> winning their lawsuit against the U.S. Securities and Exchange Commission (S.E.C.). 
<h2 id="span-style-font-weight-400-ripple-ceo-slams-sec-chair-as-xrp-etf-speculations-increase-span">Ripple CEO Slams SEC Chair as XRP ETF Speculations Increase</h2> 
Ripple CEO Brad Garlinghouse took a jab at SEC Chair Gary Gensler yesterday because of these remarks concerning crypto. Gensler, addressing an audience on <a rel="nofollow" href="https://www.youtube.com/watch?v=0KGpPmDJKfM">Bloomberg Invest</a> said that all crypto executives go to jail. 
“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.” 
Garlinghouse criticized the comments in a recent tweet on X (formerly Twitter), citing “Gensler will cause Biden to lose the election.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Absolute nonsense coming from <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> today. 
 And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance. 
 If he was really “working for the… <a href="https://t.co/c3ynB5Gncl">https://t.co/c3ynB5Gncl</a> 
 — Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1805709954613203193?ref_src=twsrc%5Etfw">June 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The XRP community is also speculating on approving an ETF for the asset after Gensler’s comments on the Bloomberg Index and <a rel="nofollow" href="https://www.ft.com/content/6da67e76-8586-4e17-8852-3f32941cf51f">Financial Times</a> interviews hinted at an ETH ETF’s potential approval and trading soon. 
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2> 
The XRP price appears poised for potential upward movement, fueled by growing speculation about a possible XRP ETF, among other factors. An ETF approval could significantly positively impact XRP’s market performance. 
The post <a href="https://coingape.com/markets/xrp-price-analysis-hints-a-rally-to-0-7-as-xrp-etf-speculations-rise/">XRP Price Analysis Hints a Rally to $0.7 as XRP ETF Speculations Rise&nbsp;&nbsp;&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Analysis Hints a Rally to $0.7 as XRP ETF Speculations Rise

Table of Contents

Coingape News Media

Other articles published on Jun 27, 2024

VanEck Files for Solana Trust with SEC

Moonbag Staking Rewards High in Demand As Investors Prefer Newest Meme Coin Over Fantom and Polygon

Crypto Markets Dip Ahead of U.S. Open Despite SEC’s ETF Optimism

Bitcoin: ‘Be prepared for very boring price action for many more weeks’

Electrocoin launches its new cryptocurrency exchange platform, Electrocoin Trade

Axie Infinity vs. My Pet Hooligan: The Battle for Web3 Gaming Supremacy

Join our free newsletter for daily crypto updates!