In a thought-provoking tweet, one of the co-founders of Flare Networks (FLR), Hugo Philion, shared his predictions regarding the potential path of Ripple XRP after the legal case ends.
I have always assumed that XRP would sell off hard after the case ended. This is because the primary (but not only) usecase for XRP is (and has always been) cross border transactions and the primary force behind developing this market is still Ripple. Since late 2020, Ripple have…
— Hugo Philion ☀️ (@HugoPhilion) August 5, 2023
Philion highlighted that his assumption was based on the belief that cross-border transactions serve as the main use case for XRP. His statements sparked discussions about the cryptocurrency’s future applications and the obstacles it might face.
The Ripple Coin (XRP) market appears to be reacting to this assumption today. Its price has dipped significantly over the past seven days and in the last 24 hours.
Ripple XRP Takes Bear Route, Leaving Investors in State of Uncertainty
At 5:50 am EST, the XRP price was $0.618, reflecting a dip of 2.3% in the last 24 hours. Also, the asset shows a 7-day price decline of 12.44%.
But XRP boasts a 32.2% increase in a 30-day timeframe, gaining 64.6% in one year. Also, the XRP trading volume has increased by 11% over the past 24 hours to more than $1 billion.
Generally, XRP’s price projects an uncertain outlook for investors, even as its trading activity rises.
XRP’s Sell Pressure Halts Its Drift
The bears seem to be losing strength in the XRP market as they encounter a support level at $0.6147. Based on XRP’s past price movements, this level has hindered further sell moves and could also restrict the bears’ dominance this time.
More so, XRP’s price may struggle to break past the support position from the 50-day moving average while it stands above the 200-day MA. This setup now places a buying possibility on the horizon.
But while a bullish momentum could kick off from this position, traders and investors need to beware of cautionary bearish indicators such as the MACD.
Notably, the MACD line still sits below the signal line. This means that the bears are still overseeing the market. The RSI at 40 also supports this position, as it’s in the sell zone.
But while this selling pressure still grips the market, XRP could initiate a bullish turn from this position. The support levels from the 50-day MA and at $0.6147 might be the reason for this.
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