US Tariffs and Bitcoin Demand – What’s Next?

On February 27, US tariff developments weighed on market sentiment. A day earlier, President Trump announced plans to proceed with higher tariffs

"The cryptocurrency market is known for its rapid price movements and unpredictable nature. As we approach the final quarter of 2024, several factors could potentially drive XRP to new highs.

According to technical analysis by crypto analyst Yashu Jain, XRP could be nearing a crucial point of divergence. After a significant decline from $1.99 in August 2021 to lows of $0.37 in December 2022, XRP has shown signs of recovery.

Jain highlights that XRP's price action is converging with the Relative Strength Index (RSI) on the lower time frames. This confluence could indicate an upcoming divergence, which might signal a reversal in the RSI before it reaches oversold territory.

Moreover, XRP's price has dropped below the 100-Simple Moving Average (SMA) on the lower time frames, which is typically a bearish sign. However, Jain notes that if the price manages to close above the 100-SMA on the 4-hour chart, it could indicate a potential trend reversal.

Furthermore, if the RSI shows divergence and begins to rise while the price is still declining, it could be a strong indication that the selling pressure is easing and demand is returning.

Jain concludes that if XRP shows technical divergence and manages to close above the 100-SMA on the 4-hour chart, it could soar to new highs of $0.8, especially if there is positive news related to the SEC case or if the market becomes more receptive to cryptocurrencies.

However, it's important to note that technical analysis provides insights but not guarantees of future price movements. Several external factors could also influence XRP's price trajectory.

As the legal battle between Ripple and the SEC continues, investors are keenly watching for any developments that could impact the cryptocurrency's fate and potentially propel it to new peaks in the coming months."