VOT Research Desk
Last week’s price movement of XRP was disappointing because it fell below a crucial support level, turning it into a roadblock.
As was evident between June and September, the aforementioned barrier put tremendous selling pressure on the altcoin and repeatedly thwarted efforts at bullish breakouts.
As Coinbase, the leading example of US crypto exchanges joins the conflict in support of the defendant, interest in the SEC vs. Ripple action appears to be rekindled.
According to a recent post, the 12 supporters of the defendants were granted permission to file their Amicus Briefs by presiding US District Judge Analisa Torres.
One of these twelve backers is Coinbase, a well-known crypto currency exchange. Investors should take note of these court case developments because they tip the scales in Ripple’s favor.
XRP Technical Analysis
On November 8, the price of XRP fell below the $0.381 support level, creating a narrower range that ranged from $0.316 to $0.403. The alternative currency resides in the upper portion of the area, indicating underlying bullish fervor.
It will need a lot more than a few buyers’ hope to overcome the $0.381 and $0.403 obstacles because they are close together.
However, if the price of Bitcoin suddenly increases over the weekend, the XRP price might do the same and move higher. Investors can anticipate the remittance token to set the first barrier at $0.448 in such a scenario.
By removing this obstacle, the price of XRP will be able to continue on its path and return to the $0.509 barrier, which is where buy-stops are located.
Even though the price of XRP is trending upward, a breach of the range’s midpoint at $0.359 would be unsettling for investors.
The altcoin may move toward the range low of $0.316 as a result of this move.Investors won’t notice a shift if purchasers step up and try to recoup. However, the bullish argument will be refuted if the twelve-hour candlestick closes below $0.316. Such a development might cause the price of XRP to drop and retest the $0.288 support level.
