CryptocurrencyRipple (XRP) Struggles To Breach $0.45 Level, Down 16%...

Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

Ripple (XRP) has managed to make a quick rebound at the end of the week. That said — will Ripple go bullish at least for the short term?

On the chart, XRP is seen to be cascading downward. The current support zone is set at $0.33 which has helped skew the decline in price.

Now, in order to stay afloat, the bulls should manage to keep Ripple’s price point above this mark. When done successfully, Ripple (XRP) will tend to move above the static resistance line; specifically at $0.55, and then move to $0.68.

As of this writing, the crypto is trading at $0.430831 on Coingecko, down 16% in the last seven days.

Suggested Reading | Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

SEC Vs. Ripple Case – Receiving Positive Response

Sunday was a good day for Ripple as it went up by 5.07% which happened following Saturday’s gain of 0.92%  However, XRP ended the week on a sour note as it spiraled down by 21% to $O0.4475. XRP was down despite the positive turnout on Ripple’s court submission on Friday following the SEC v. Ripple case.

Ripple has evidently filed a reply last week to SEC in relation to the William Hinman’s speech made in 2018.  Hinman, ex-SEC Director of the Division of Corporation Finance, is the main or pivotal figure in this legal battle between SEC and Ripple.

In Hinman’s speech in 2018, he mentioned that Bitcoin and Ethereum are not securities. SEC is now trying to cover up emails and other documents such as Hinman’s declaration or speech and other private or internal discussions that can be used as evidence.

XRP total market cap at $20.76 billion on the daily chart | Source:

Ripple On Reversal?

A lot of indicators show that Ripple is oversold which means it can push towards an upward trend in the short term. Now, to validate that reversal, the price must overshoot towards a higher high and onto a higher low. The price should be pulled to a price of $0.65 to create a bullish momentum.

Additionally, the structure can be dubbed bullish if Ripple manages to go to a higher high right above the resistance zone. However, its last ascending wave seems weak which means a retest is a possibility. More so, the resistance zone also goes through an Ichimoku cloud, making it entirely difficult for the bulls to maneuver through.

Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

As Ripple’s price got to the green zone thrice in the past year, it can now be regarded as weaker support. Now, if the bearish trend declines, the demand would most likely struggle in meeting the supply, especially with another retest of support.

Featured image from Profit Confidential, chart from

Original Source Link


Please enter your comment!
Please enter your name here

Latest News

FirstFT: Truss to shake up the City

This article is an on-site version of our FirstFT newsletter. Sign up to our Asia, Europe/Africa or Americas...

A coalition of 70 TikTok stars, with a combined 51M+ followers, pledges to cease work with Amazon until the company meets the demands of...

Washington Post: A coalition of 70 TikTok stars, with a combined 51M+ followers, pledges to cease work with...

“‘Holographic Conversational’ AI Lets Dead Speak at Funerals”

From AV Magazine (Darron Kirkby): StoryFile creates a digital clone of the subject by using 20 synchronised cameras...

The 10 Sunniest Cities in the U.S.

Are you craving some vitamin D or looking for a change of scenery? Well, you’re not alone. More...

Must Read

Central bank independence is on the decline

A decade ago, respect for central bankers peaked....

Billionaire Larry Ellison Lists North Palm Beach Estate For $145 Million

Billionaire tech entrepreneur Larry Ellison is parting with...
- Advertisement -

You might also likeRELATED
Recommended to you