SNEAK PEEK
- XRP market experiences volatility due to conflicting regulatory views.
- Traders urged caution as XRP overbought and bears gained ground.
- Bullish momentum may continue if XRP remains above the Keltner channel.
Despite the bull’s efforts to maintain control of the XRP (XRP) market, the bears have gained significant ground in the recent 24 hours. During this bull-bear tug of war, XRP values varied between a 24-hour high and low of $0.5142 and $0.5044.
A crypto-friendly lawmaker, Tom Emmer, recently slammed U.S. Securities and Exchange Commission head Gary Gensler for his views on crypto regulation, labeling the SEC a “bad faith regulator,” contributing to the market’s volatility.
Great interview by @laurashin with @GOPMajorityWhip! Congress is working in their districts this week and next, but expect a VERY busy last 2 weeks of April for crypto policy as legislation and oversight of the regulators ramps up. Stay tuned https://t.co/ZSsTFJ9pt7
— Ron Hammond (@RonwHammond) April 7, 2023
This has sparked debate in the cryptocurrency community, with some admiring Emmer’s stance and others concerned about what would happen if he publicly criticized a regulatory body. Ripple’s market capitalization increased by 0.06% to $26,371,746,766, and 24-hour trading volume decreased by 23.31% to $836,308,470, showing the market’s conflicting emotions and confusion after Emmers’ remark.
The positive momentum will continue as long as the price remains above the lower Keltner channel on the XRPUSD chart, with the upper Keltner channel bar reaching 0.5188 and the lower bar touching 0.4996.
Traders should look to purchase XRPUSD on pullbacks towards the middle bar, with a stop loss below the lower Keltner channel. If the price falls below the lower Keltner channel, it may indicate a change in momentum, and traders may consider selling their long holdings.
The Money Flow Index (MFI) reading of 79.49 indicates that XRP is overbought, suggesting that a correction or pullback is in order. Traders should monitor the MFI and watch for a decline below 70 as a possible sell signal.
The XRP stochastic RSI falls below its signal line and heads south, indicating that bears are gaining ground in the XRP market. This tendency implies that purchasing XRP at this time may be an unwise move, as the price may continue to fall. Before establishing long positions, traders might consider waiting for a bullish reversal signal.
The favourable Rate of Change (ROC) motion with a value of 0.33 shows that the bulls still have some momentum, but caution is urged since the ROC is not yet at a level that signals a strong bullish trend.
Its downward trend toward the “0” line suggests that the bulls’ momentum is waning, and a cross below the “0” line might herald a change in momentum toward the bears.
In conclusion, XRP faces conflicting emotions as bulls and bears battle it out, while crypto regulation remains a contentious issue. Traders should tread carefully and watch for momentum shifts.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
