XRP Price Prediction: XRP at Risk of 15% More Losses

The XRP price is trading at $0.5031 as of 3:30 am EST, down 5% over the last 24 hours.

The price of the remittance token is down 20% over the last 30 days and 20% year-to-date. The altcoin has been weighed down by legal challenges since the United States Securities and Exchange Commission (SEC) sued Ripple Labs and its top executives in 2020  for selling XRP as an unregistered security.

Though Ripple secured a partial victory in the case on July 13, 2023, when Judge Analisa Torres ruled in favour of Ripple, the lawsuit took further steps subsequently.

The XRP community is currently awaiting the SEC's response to Ripple's Motion to Strike expert testimony. XRP advocate James K. Filan shared an X post on April 23 highlighting Ripple's Motion to Strike.

In the court filing, Ripple requested the court to dismiss the SEC's new submissions supporting its opening brief.

The crypto payments firm claimed:

"The parties engaged in more than three months of remedies discovery. During that time, Ripple served a supplemental expert report on disgorgement and the SEC deposed Ripple's disgorgement expert. The SEC waited until the filing of its remedies motion to submit the Fox Declaration setting forth its remedies theories and calculations."

The SEC argued in the opening brief that Ripple continued to break U.S. securities laws even after the agency sued the company. In response, Ripple argued that the regulators did not disclose the expert witness' identity or testimony during the discovery.

XRP price is a risk of further losses

XRP price action has formed an inverted V-shaped pattern on the daily chart. The cross-border payments cryptocurrency was sitting on immediate support from the $0.50 psychological level. A daily candlestick close below this level would see the price drop to complete the V-shaped pattern at $0.4787

Breaching this level would see sellers pull XRP lower, collecting the demand side liquidity below that toward the $0.4277 swing low. Such a move would represent a 15% decline from the current price.

TradingView chart: XRP/USD

This grim outlook was supported by the downward-facing Relative Strength Index (RSI). The price strength at 37 suggested that the bears fully controlled XRP.

The flagship crypto was also facing stiff resistance in its recovery path. If the XRP price were to rise from its current level, it would meet the first roadblock around the $0.55 supply zone and later the $0.56 to $0.5714 supplier congestion area, embraced by all the major moving averages.

Note that the 100-day exponential moving average (EMA) and the 200-day EMA were about to send a call to sell XRP. This will happen once the 100-day EMA crosses below the 200-day EMA, reinforcing the negative narrative for XRP.

Additional psychological barriers lie at $0.60 and $0.65. Rising higher would bring the $0.70 swing high into the picture.