Bitcoin has fallen below $70,000, down 1.5% in the past 24 hours, after correcting from $73,500. Analysts see potential bearish signals with key support around $68,500. Ethereum is also down, currently priced at $2,500.. XRP is trading at $0.51, down 1%, while the total cryptocurrency market cap is $2.34 trillion.
The ongoing SEC vs. Ripple case continues to unfold, but a recent development may signal a shift in momentum. The court has set a deadline for the SEC’s principal brief, suggesting potential vulnerabilities in the SEC’s position.
Despite the ongoing legal battles and developments, the price of XRP price has not moved. Meanwhile, 21Shares has submitted an application to the SEC for a Ripple ETF. However, this news has had minimal impact on XRP’s price, as bullish sentiment remains muted.
The Crypto Fear and Greed Index shows a reading of 75, hinting greed among investors. While this could signal a potential pullback, it’s essential to focus on the longer-term outlook for XRP. The Altcoin Season Index currently sits at 29, suggesting that we’re still in a Bitcoin-dominated market. However, history shows that it’s best to invest in altcoins like XRP when Bitcoin dominance begins to wane.
Currently, XRP is trading within a descending channel that has held since 2021. After reaching a high of $2 in April 2021, XRP has been consolidating. The repeated tests of the downward resistance line indicate that it is weakening, raising the likelihood of a breakthrough on the next attempt. Looking ahead, analysts stress that XRP must hold above $0.75 to target higher prices, potentially reaching $1.10 or even $3.50, depending on market conditions.
Conclusion: Should You Buy XRP?
XRP is currently at a historically significant support level against Bitcoin. Previous instances of being at this support level have led to major bull runs for XRP. Despite current bearish sentiment, this could be an excellent time to hold or invest in XRP.