XRP cost has gotten back to the red this Sunday, calling a negative beginning to a brand-new week, as the end of the week love seems to disseminate across the crypto space. The granddaddy of cryptocurrencies, Bitcoin, is expanding its battle with the $50,000 level while Ethereum guards the $4000 mark. After the December 4 flash cash, XRP cost has gone into a period of bearish combination, with venders lurking at the $1 mark. As of writing, Ripple cost is exchanging around $0.83, losing around 1% so far. Investors keep on showing up the developments around the continuous Securities and Exchange Commission (SEC) v. Ripple Labs case.
Pal said: “I bought it for the reason that: a) it does have use cases and it is being used, and b) the court case is a phenomenal risk-reward.” He has considered the risk-reward for XRP at the time to be 10 to 1.
Raoul Pal, former Head of European Hedge Fund Sales – Equities and Equity Derivatives and ex-Goldman Sachs executive, said on Friday, the SEC v. Ripple lawsuit made XRP very attractive as an investment.
How is XRP price positioned on the daily chart?
XRP price is heading for a retest of the critical daily support line at $0.79, having rebounded from it a day before.
If the bears crack this key support on a daily closing basis, a sharp sell-off towards the December 4 lows of $0.62 cannot be ruled out.
The 14-day Relative Strength Index (RSI) is edging lower towards the oversold territory while holding well below the central line. This suggests that the abovementioned strong support could be put at risk in the day ahead.
Ahead of that level, December 6 lows of $0.75 will act as a fierce cap.
On the flip side, XRP bulls need to find a strong foothold above Saturday’s high of $0.84 to resume the rebound towards a downward-sloping 21-Daily Moving Average (DMA) at $0.92.
The next significant resistance is aligned at the $0.95-$1.00 region, where the 200-DMA and psychological barrier coincide.
News Summary:
- The cost of XRP risks falling towards $ 0.60 once this key support collapses
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