The XRP price has gone nowhere in the past few weeks. Ripple is trading at $1.06, which is about 27% below the highest level in September. In contrast, some of its biggest peers like Bitcoin, Ethereum, and Shiba Inu have surged recently.
Why is Ripple in a tight range?
It is unclear why the XRP is not finding buyers in the past few days. The likely reason is that investors are still watching the ongoing SEC case. In a statement this week, the judge overseeing the case said that she will appreciate hearing an opinion among XRP holders.
Another reason is that Gary Gensler, the SEC chair held a testimony in Congress this week. In it, he continued to emphasize that Congress had a role in ensuring that the industry was regulated. Still, he did not offer a new assessment about cryptocurrencies in this testimony.
Meanwhile, it seems like MoneyGram has moved on past XRP. Earlier this year, MoneyGram suspended its relationship with Ripple Labs after the SEC filed a lawsuit. This week, MoneyGram announced that it was partnering with Stellar Foundation. It will use Stellar’s tools to improve its remittances services. So, what next for the XRP price?
XRP price prediction
The daily chart shows that the XRP price soared to almost $2 in April this year. Since then, the price has collapsed by more than 45%. Recently, the coin attempted to recover but found a strong resistance at $1.4150.
The coin also formed a double-top pattern whose chin was at the current level of $1.0687. A double-top pattern is usually a bearish sign. At the same time, the coin seems like it has formed a rising wedge pattern that is shown in green. Like a double-top pattern, this wedge is usually a bearish sign.
Therefore, the token will likely break out lower, with the next key level to watch being at $0.8600, which was the lowest level on September 21.