In early November, the XRP price was moving against the cryptocurrency market tide, recording gains as established assets like Bitcoin (BTC) and Ethereum (ETH) traded in the red zone. The rally was inspired by increasing confidence that the token’s parent company Ripple might win the case against the U.S. Securities and Exchange Commission (SEC). Amid the SEC case development, Ripple temporarily breached the $0.50 level, focusing on reclaiming $1. By press time, the token was trading at $0.35, dropping by over 25% in the last seven days in line with the general cryptocurrency market downward trend. Overall, XRP remains bearish. The $0.5 level remains a major resistance point for XRP; the asset’s potential momentum toward breaching the position depends on several factors. Notably, the last recorded rally saw XRP get rejected at $0.58 before declining.
XRP community remains bullish
It is worth noting that despite the overall market downturn, the XRP community is bullish. In this line, according to the XRP community on CoinMarketCap, the token will trade at $0.43 on average by December 31, 2022. The price represents gains of about 23% from the XRP’s price at the time of publishing. Notably, the projection is based on votes by 888 community members leveraging the price estimate feature, according to data acquired by Finbold on November 14. According to the reputable crypto trading expert by the pseudonym Trading Shot, XRP’s current price presents a buying opportunity for short-term investors. The expert acknowledged that XRP’s prospects to rally have been derailed by FTX’s exchange impact on the market. He notes that XRP can incur a selling pressure if the asset corrects below the $0.286 support, a move that will target $0.236. If the token sustains gains above the support level, XRP could target $0.4 by the end of 2022.
XRP technical analysis
Furthermore, XRP’s one-day technical analysis remains bearish, with a summary pointing to selling at 15. The token’s moving averages support a ‘strong sell’ at 13, while oscillators are mainly neutral at seven. Although the $0.50 level remains a realistic goal for XRP, the prospects of attaining the position largely depend on the general cryptocurrency market sentiment. Notably, the market has mainly traded in the red zone impacted by macroeconomic factors. At the same time, the ability of XRP to rally or drop will depend on how the asset reacts to fallout from the FTX exchange liquidity crisis. Indeed, the saga has resulted in the market losing about $180 billion within seven days. However, XRP’s potential to rally partly depends on the outcome of the SEC case. If the court rules against Ripple, XRP faces a threat of further correction. In this line, the token has rallied in the wake of positive development around the case. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
