• XRP price fell close to $0.50 after surpassing $0.55 on Tuesday.
  • It rose following the eventual release of documents related to a speech by former SEC official Willian Hinman.
  • Analysts say the surge in XRP could have been a “selling news event,” although an upside remains possible if market conditions converge.

The price of XRP, the cryptocurrency of blockchain firm Ripple, fell to the support of $0.50 after breaking above $0.55 on Tuesday and dramatically weakening the following day.

XRP’s rise was largely driven by the hype surrounding the release of key documents from a 2018 speech by then-SEC official William Hinman.

With the documents finally released to the public, the token has become the biggest cryptocurrency mega cap gainer, but today the coin fell earlier -8.4%, giving up its upside potential.

The drop, which comes at a time when the broader cryptocurrency market is mirroring Wall Street’s moves as investors worry about what will happen next after today’s Fed rate decision, puts XRP in a key support area. There is a risk of being pushed down under the

XRP Price: Analyst Views

On Tuesday, crypto investor and analyst Scott Melker said: It pointed out He said that XRP has “one of the clearest charts.”

This is because the price broke the downtrend before retesting that area and the 50MA as support. He said the bulls are facing a clear resistance at $0.5597, which is likely the point where XRP retreated and was the point of “selling the news” after the Hinman files were released. It pointed out.

Melker predicted that the XRP/USD could retest $0.915 if the uptrend continues. The situation appears to be in jeopardy, as the price of XRP has fallen 4.5% over the past 24 hours as of 10:40 a.m. ET. Any further decline can lead the bears to target the recent support near $0.46.

However, XRP is still within a symmetrical triangle on the weekly chart, with crypto YouTuber and trader Crypto Rover To tell A breakout is imminent. As a continuation pattern, a move to an upward converging trendline suggests a possible upward reversal.

XRP price chart. Analyst Crypto Rover says a breakout is imminent. sauce: Crypto rover on twitter

If positive sentiment permeates the market, possibly from new developments in Ripple’s favor in the SEC battle, XRP could break out and target a psychological $1.

Conversely, a reversal/breakdown will affect the price of the token and welcome renewed bearish pressure.

By Jules

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