- XRP’s 1.35% Sunday drop saw the remittance token closing the week 8.30% lower.
- Worries about the Ripple vs. SEC outcome and the overall crypto market downturn saw XRP traversing the red during the session.
- Technical indicators depict bearishness, with XRP wavering beneath the 50-d Exponential Moving Average (EMA), supporting a drop to $0.30 in the near term.
The Sunday session witnessed XRP losing 1.35% to reverse Saturday’s 0.82% surge. Meanwhile, the cross-border transaction token closed the week with an 8.30% loss at $0.34967. The bearish wave left XRP at the $0.35 vicinity for the initial time since 13 November.
Earlier upside movements pushed the alt to the $0.35500-morning peak on Sunday. However, failure to crack the first massive hurdle at $0.3585 saw XRP dipping to a $0.34756 afternoon low. That had the token surrendering the initial dependable $0.3489 support before a partial revival catalyzed a day close at $0.34967.
Recession Fear, Regulatory Risk, SEC vs. Ripple Weighed
An absence of news from the ongoing Ripple vs. SEC battle to impact means a calm session. XRP has seen pressure since the Judgement Reply briefs. A Court decision might emerge at any time. Moreover, settlement hopes have faded as time ticks.
The FTX scandal and its overall market impact have potentially pressured the securities regulator to fight for a win. Nevertheless, Hinman’s documents remain a winning card for the offenders. Remember, the SEC filed over six motions to prevent publicizing the documents under the client-attorney privilege.
The former SEC finance director said Bitcoin and Ethereum aren’t securities (in 2018). A trial move can publicize the documents, which might force the Securities & Exchange Commission into a settlement. Everything depends on the Court’s decision.
Meantime, investor jitters as the 22 December Court Date looms will continue to test price support. Nonetheless, external & overall crypto market forces will influence. FTX’s collapse impact, regulatory risks, and economic fears hinder the broad market from substantial recoveries.
Ripple (XRP) Price Action
XRP traded near $0.34134 during this writing, following a 2.38% drop. Early bearishness saw the alt surging to $0.35326 before falling to explore $0.33924. It lost the first massive foothold at $0.3465 and the second support at around $0.3433.
XRP Technical Indicators
The alternative coin should climb past massive supports and the pivot at $0.3507 to eye the crucial initial barrier at $0.3539 & the $0.35500 Sunday high. A $0.35 return would indicate a bullish session. More surges will see XRP exploring the 2nd crucial hurdle at $0.3582 before hitting $0.36. Another massive obstacle stands at $0.3656.
Meanwhile, failure to propel from the substantial support zones and the mentioned pivot would bolster the bears to target the 3rd massive support at $0.3359. nevertheless, excluding another continued fall, the remittance coins should avoid the $0.33 region.
Without SEC vs. Ripple updates, XRP will remain under the broad market & news wires influence. The Exponential Moving Averages and the 4hr candle chart displayed bearish signs. The alt swayed beneath $0.36893 (50-d EMA).
The 50-d Exponential Moving Average dropped from the 100-d Exponential Moving Average. Moreover, the 100-d Exponential Moving Average fell from the 200-d Exponential Moving Average – confirming bearish signals.
Overpowering the initial hurdle at $0.3539 would trigger breakouts from the resistance of $0.3582 to push toward the third resistance at $0.3656 and $0.36893 (50-d Exponential Moving Average). Nonetheless, failure to reclaim $0.35 would make XRP vulnerable to a dip toward the $0.33 vicinity.