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XRP price prediction: Long-term outlook at risk!
Ripple (XRP) price has tumbled in the last 24 hours as investors begin to question their long-term prospects. Ripple's future is no longer secure with Judge Jed Rakoff's rejection of the separation made in the Ripple case. Therefore, there seems to be a high probability that XRP will experience a serious decline, wiping out the gains from the previous month.
XRP price analysis
The price of XRP closed yesterday's trading session below the 20-day EMA at $0.6893 and continued to decline below the critical support level of $0.6850. If XRP closes today's trading session below this level, it may risk falling to the 50-day EMA line in the next few days and its price could drop as low as $0.6241.
This EMA line will be XRP's last line of defense and will guard against a retest of the next key support level of $0.5890. If the bulls succumb to the selling pressure at this point, the price of XRP could drop to the key resistance level in 24-48 hours.
This bearish scenario will expire if XRP can close a daily candle above the aforementioned $0.6850 price point in the next 48 hours. In this case, XRP could attempt to rally to $0.7660 next week.
From the short-term perspective, a bullish pattern had formed on the hourly chart of XRP. If this pattern is confirmed throughout today, the price of the coin could climb to $0.6895 by the end of today's trading session.
If this momentum continues, the altcoin's price could rise as high as $0.7037 in the next 48 hours. On the other hand, if the bullish chart pattern is not confirmed, the price of XRP could drop as low as $0.6596.
At the time of this writing, XRP was trading at a price of $0.6712, according to CoinMarketCap. This negative daily performance reduced the cryptocurrency's weekly performance to -5.70%.
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