XRP is presently dabbling support around the $1 mark amid the indecisive trading in the market. At the time of writing, XRP was trading down by 2.74% at $1.03. It has been a pretty remarkable year so far for XRP despite the SEC lawsuit. In December 2020, the SEC filed a lawsuit against Ripple and its executives for selling $1.3 billion worth of XRP in an unregistered securities offering. According to CEO Brad Garlinghouse, Ripple is making “good progress” in its legal feud with the U.S. SEC and expects the case to likely reach a conclusion in 2022. In a growth step, Ripple has announced a new partnership with the Republic of Palau to explore the country’s first national digital currency and its use cases with the XRP Ledger (XRPL). This could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with the required support.
Key Levels
Resistance Levels: $1.3590, $1.1250, $1.5000
Support Levels: $1.0000, $0.9460, $0.8368
XRP/USD Daily ChartXRP/USD steadily declined after meeting resistance near the $1.38 high region on Nov. 10, forcing the pair to reverse lower. The lackluster price action is reflected in the RSI which remains indecisive in the negative zone. If XRP continues to head lower, support should come from the $1 level before continuing towards the MA 200 at $0.98.
A drop below this level would reinforce a short-term bearish view and open the way towards the $0.96 level or even $0.89. However, should an upside reversal take form above the $1 mark, immediate resistance would likely come from the MA 50 at around the $1.12 resistance. A break above it could propel the bulls until the $1.34 level, while even higher could send prices to the $1.41 mark or even $1.70.
XRP/USD 4-Hour ChartXRP has been consolidating since Nov. 10, while stuck in a channel tilting slightly to the downside. The neutral to bearish picture looks to last for a while longer as XRP price has slipped below the negative crossing of its MAs. If buyers resurface and drive the price above the MA 50 at $1.07, the MA 200 could restrict advances to test the upper boundary of the present range at $1.22.
Superseding this, the peak of $1.34 from Nov. 10 and the $1.43 barrier from Sept. 6 could draw some focus. Otherwise, if sellers manage to conquer the immediate tough support coming from the $1 psychological level, 1.2818, the $0.94 floor could be the next to challenge the bears. Overall, XRP’s range trading may endure a while longer as investors contemplate the delay in hearing the outcome of the SEC lawsuit but a break either above $1.34 or below $1 would set the next direction.
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