Thursday, December 7, 2023

XRP Keen for Positive Case Ruling for Significant Price Gain

Ripple’s XRP rose by 1.35 percent on Sunday but has sustained reverses. Currently, it is down by 3.16 percent and trading at $0.4006. The altcoin is set to gain ground above the 200-day Simple Moving Average (SMA) as was recorded last week and the week before. The bulls managed to consolidate above a critical pivotal or technical level.

Ripple is looking forward to the conclusion of the case brought in by the Securities and Exchange Commission (SEC). But lack of updates has left XRP in the hands of the broader crypto market. Investors have move on and away from the altcoin due to increased market scrutiny. Analysts believe the XRP price is at risk of collapsing like a house of cards as the token attempts to cross $0.49.

Bullishness could be hit as central bankers pour cold water on the sentiment. The support levels of the 200-day SMA and 55-day SMA could be tested before the $0.3616 mark steps in to make sure that the rally does not fade. According to technical indicators, XRP has to prevent falling through the $0.4125 pivot to target the First Major Resistance Level at $0.4182.

XRP is holding on and steadily catching onto the bulls.

All for the test.

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