Analysis

XRP’s Price Falls Again After Friday’s Rebound. What’s Next?

LONDON, United Kingdom – The XRP had an insufferable week after the positive turnout of events from the recent developments of the lawsuit case against the Securities and Exchange Commission. It is down by 16% in the week that passed by.

Before anything else, let’s look at how the week has been for Ripple. After the Ripple Defense team sent its preliminary reply to Judge Sarah Netburn about the attorney-client privilege request of the SEC, the altcoin was seen to rally up, but not for long as the weekend pulled the price down further. The charts have also confirmed that Ripple may not yet be done spiralling downwards, with its nearest support level at $0.33.

XRP’s Price Falls Again After Friday’s Rebound. What’s Next
A photo of two bulls grazing together in a field

If Ripple wants to get back up again, the bulls will need to pressure the market and prevent the altcoin from going lower than $0.33. If this move becomes manageable, there might be a slight chance for the XRP to surpass the first resistance level at $0.55 and move towards the second one at $0.68. Ripple is currently trading at $0.43, as recorded by Coingecko.

Despite the positive feedback from the Securities and Exchange Commission case proceedings, Ripple could only go up by 5.07% and then fell to $0.44 on Saturday. The lawsuit’s movement has little impact on the price action of the altcoin.

XRP’s Price Falls Again After Friday’s Rebound. What’s Next
A focused photo of a car gear that runs on manual transmission

Based on the charts, Ripple is now in the oversold region, and as historical data shows, it might be in for a reversal. This theory is what experts and traders are holding on to that might bump up the altcoin price. XRP can also be in a bullish trend if it can get to a higher high after the resistance level, which proved to be difficult for the bulls to get their hands to as it is always in the Ichimoku cloud. With this kind of presentation, there might be a retest of the support level in the next couple of days.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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