XRP Weakens at $0.40 Despite Positivity Toward Ripple vs. SEC Case

  • XRP gained 0.15% on Sunday, marking its 6th upside out of seven sessions, and finalized the day near $0.39656.
  • XRP decoupled from the broad market trend as investor faith in favorable Ripple-SEC outcome offered support.
  • Nevertheless, technical indicators display bearishness, with the alt staying beneath the 50d EMA, suggesting a potential sub-$0.35 return.

Sunday had XP gaining 0.13% to (partially) reverse Saturday’s 2.93% slide. Meanwhile, the remittance coin closed the week at 9.91% up to $0.39676. XRP revisited the value zone at $0.42 for the initial time since 8 November. A bullish morning popped XRP to the $0.42300 high.

That saw it breaking through the initial crucial resistance at $0.4089 and the 2nd at $0.4217. Nevertheless, late cryptocurrency market reversals saw XRP dipping to the $0.39468 low. However, the alt steered from the first massive resistance of $0.3880 to wrap the day at around $0.39656.

China COVID Protests Leave XRP Near Sub-$0.40

News about China demonstrations over COVID lockdown policies weighed on the crypto market and XRP. That brought reversals in the crypto sphere during Sunday’s final trading hours. The protests brought worries over the government’s potential reactions and the effects of the new lockdown measures on global supply chains and the economy.

XRP has presented magnified volatility to bearish sentiments as market players await the 30 November Court filings. Meanwhile, investor stance toward Ripple vs. SEC turned positive, backing XP’s $0.42 return.

Ripple Price Action

XRP stood at $0.37826 during this writing, dropping 4.61%. Earlier bearishness saw XRP drop to $0.37312 from $0.39853. Meanwhile, it fell below the $0.3865 initial massive support and slightly through the second crucial footing at $0.3764.

A move past $0.3865 and pivot at $0.4047 would see XRP targeting the first resistance at $0.4148. A $0.40 return would confirm another breakout for XRP. Further bullishness can push the alt towards $0.4331 before exploring $0.4350.

However, failure to challenge the pivot and $0.3865 would welcome the $0.3764 first support. Further footholds stood at $0.3700 and $0.3481. XRP swayed beneath the 50d EMA ($0.38999) during this writing. Moreover, the 50d EMA dropped from 100d EMA, as the 100d EMA eased from the 200d EMA – Bearish signals.

Today’s price movements will likely depend on FTX news, China updates & worldwide indices, and unanticipated SEC-Ripple rulings or filings from the Court.

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