Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days
18 Maggio 2022 - 09:00AM
NEWSBTC
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:
TradingView.com 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 TradingView.com
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