Key Insights
- XRP has enjoyed relatively strong bullish action over the last 24 hours.
- Over the last day, the cryptocurrency has risen from an intra-day low of $0.3754
- XRP’s 24-hour trading volume is currently about $1.4 billion and is down from a peak of $3.5 billion earlier in the month before the FTX crisis.
XRP has enjoyed relatively strong bullish action over the last 24 hours and now appears to be heading toward the $0.42 resistance at the time of writing.
Over the last day, the cryptocurrency has risen from an intra-day low of $0.3754, hit an intra-day high of $0.4153, and is now consolidating around the $0.4130 level.
Although XRP’s price action over the last seven days has not been very impressive, considering the aftermath of the FTX debacle, the bullishness of the last 24 hours has bolstered XRP’s seven-day performance, leaving the cryptocurrency at an 8.85% price increase over the last seven days.
The proceedings of Ripple’s court case with the SEC have also heavily impacted the price of XRP, with the coin plummeting a few weeks ago when LBRY lost a related lawsuit to the SEC.
However, Ripple’s price action seems promising after the 14 amicus filings by several independent bodies willing to support it over the last few weeks.
What’s New With XRP?
XRP’s 24-hour trading volume is currently about $1.4 billion and is down from a peak of $3.5 billion earlier in the month before the FTX crisis. This signals a decrease in volatility, which, depending on a trader’s perspective and the status of the market at the time, can be either good or bad.
At the same time, the number of Amicus Briefs filed in favor of Ripple has climbed from 12 to 14. In contrast, the SEC has only managed to score one after Accredify, a verification solutions company, failed to file its Amicus brief in support of the government agency.
As announced by attorney Jeremy Hogan in a tweet, Accredify failure to file their Amicus brief now leaves the tally at 14 for ripple and 1 for the SEC.
Accredify failed to file its Amicus Brief on behalf of the SEC by the deadline last night.
So that leaves the final tally at 14 for Ripple and 1 for the SEC.
For you Americans: Ripple scored 2 touchdowns and the SEC got a…one point safety? https://t.co/wGFfn4GNWR
— Jeremy Hogan (@attorneyjeremy1) November 19, 2022
In January, the same district court also ruled that the SEC hand over the papers and emails pertaining to a speech made in 2018 by William Hinman, the then-SEC Chairman to Ripple.
As a result of these and many more positive developments, XRP’s odds seem favorable. While the market is still going through a challenging time, if Ripple wins the case against the SEC, XRP could experience a significant uptrend, with $3 or higher remaining a reasonable long-term target for the altcoin.
Ripple (XRP) Price Action
After declining all through November after the FTX crisis, XRP has hit a local bottom around the $0.32 zone. The cryptocurrency price has since begun to rise and may now be headed for a retest of the $0.42 zone.
Over the last two days, the price of XRP has managed to break above the minor resistance of around $0.365 (horizontal blue line above) in the preliminary move to its current bullishness. This $0.365 zone also coincided with XRP’s middle Bollinger band.
Over the course of the last 24 hours, the cryptocurrency has also managed to retest this zone and is now heading upward for a retest of $0.42. if the bulls manage to break through the $0.42 zone and close above it with a daily candle, the price of the cryptocurrency may rally further upwards to the $0.465 zone or even the $0.5 zone.
Could XRP Fall Further?
If the bulls fail to push the price of the cryptocurrency upwards into a clear break of the $0.42 resistance zone, XRP may go further down and test the $0.365 zone again. And if this support fails to hold, the cryptocurrency may continue further down and hit the $0.347 zone it bounced off from.
At the same time, the price action of XRP has already formed a higher high, meaning that the next low would be higher than the previous one.
Judging by this, the cryptocurrency can hit the $0.365 zone as its next low if the bulls reject the price around $0.42.
It is safe to assume that XRP may decline from the $0.42 zone for a retest of $0.365 before another try at breaking $0.42.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
