Ripple Price Could Fall 5% On The Back Of Low Volume And Liquidity Hours Of The Weekend
Ripple (XRP) price was nurturing an uptrend since September 12 but succumbed on September 16. This is attributed to the low volume and, therefore, liquidity characteristic of weekends. Meanwhile, the XRP community, led by Ripple Labs CEO Brad Garlinghouse, remains optimistic. Their sanguineness is so much that the Ripple executive says XRP is the next Bitcoin (BTC).
XRP Is The Next Bitcoin, Ripple CEO Brad Garlinghouse
Ripple CEO Brad Garlinghouse said XRP has a strong chance of replacing Bitcoin as the token at the helm of the crypto community. His comments came during an interview with Bloomberg.
— JackTheRippler ©️ (@RippleXrpie) September 16, 2023
According to Garlinghouse, XRP has a competitive advantage over Bitcoin and every other cryptocurrency in the market today. He bases his argument on “Ripple has worked with regulators and regulated institutions such as banks for the longest time.” As such, it has sufficient experience operating in an industry with regulatory clarity. This is the traditional finance sector, or TradeFi, as many call it.
With this, the competitive edge increases the odds for XRP to thrive in the longer term. Further, he says XRP is committed to solving the native problems that Bitcoin was commissioned to solve. If done successfully, it would outline the next generation of digital assets. More broadly, RippleNet adopting a SWIFT messaging system was part of this endeavor. It changed the narrative from when remittances would take days before settling to when it takes mere seconds.
XRP is 1000X faster than Bitcoin, which means the volatility risk taken around XRP is only for three seconds.
It is imperative to note that this integration now boasts more than 100 customers, comprising banks and wire transfer service providers like Western Union and MoneyGram.
Ripple Ecosystem Updates
Only recently, Ripple earned a victory, though only partial, in a longstanding fight against the United States Securities and Exchange Commission (SEC). This happened when Judge Annalisa Torres determined that XRP is only a security when sold to institutional investors.
While the commission was approved to appeal the decision, the break was a key milestone for the token in the overly clouded regulatory environment. This explains the speculation that XRP is poised for mass adoption, with multiple countries already recognizing it as a currency or utility token. Among them are the UK, Switzerland, Singapore, Japan, and most countries in the United States.
$XRP is poised for mass adoption. 🌐
— EDO FARINA 🅧 XRP (@edward_farina) September 17, 2023
The latest about Ripple is that its former General Counsel Norman Reed has been named the new CEO of Binance.US.
— John E Deaton (@JohnEDeaton1) September 16, 2023
Reed also has a history of serving as an official at the SEC and the Federal Reserve Bank of New York official.
Ripple Price Forecast
Ripple price is $0.4975 at the time of writing, down almost 1% over the last day. It faces rejection from the supply zone around $0.5373, an area populated by the bears. With the Relative Strength Index (RSI) tipping south, momentum is dropping, and XRP could fall.
Likely targets in the downward move include the $0.4600 support level, a confluence between the horizontal line, and the upper boundary of the descending parallel channel. A flip of this support level into resistance would plunge the payments token back to a tunnel towards the $0.4191 (channel’s midline) or, in the dire case, its lower boundary at $0.3562.
Meanwhile, technical indicators such as the Parabolic SAR and the Awesome Oscillator (AO) show XRP is still bullish. The Parabolic SAR is tracking the Ripple price from below while the AO is steadily green and edging toward the positive zone. These are good signs.
Increased buying pressure could see Ripple’s price venture into the supply zone, potentially flipping it into a bullish breaker by failing it as a resistance order block. Investors should watch for a daily candlestick close above its mean threshold at $0.5373 for confirmation.
In a highly bullish case, the gains could send Ripple price to $0.6098, levels last seen around mid-August.
Meanwhile, another coin is doing better than Ripple, WSM, the native crypto for the Wall Street Memes ecosystem. The WSM token is due for listing on tier-one exchanges in over a week, meaning now is the ideal time to buy WSM.
Analysts are also very optimistic about Wall Street Memes, placing it among the tokens poised to record 10X gains.
The project features among the top three projects with high staking APY, with the staking function intended to reduce selling pressure. Based on the latest update on the website, almost 3.40 million has been staked against 59% in APY, and rewards are issued at 75 per block.
This is how to buy WSM in the presale stage.
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