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Ripple, which continues to be at the center of the long-running legal battle with the U.S. Securities and Exchange Commission (SEC), has pulled back to find support and sweep liquidity before continuing its long-awaited rise to the $1 level for XRP. XRP, which has experienced a 2.13% loss during the day, is trading at $0.5123 with a trading volume of $789 million. The technical outlook shows that the cross-border money transfer altcoin is supported by a critical support line. The fact that XRP is trading below $0.5253, where all important moving averages, including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and most importantly, the 200-day EMA (purple), are clustered, indicates that bulls have to protect this support to prevent a major drop.
XRP May Be on the Verge of Another Drop
XRP returned to the transaction levels seen before the court ruled in July that altcoin’s sales on cryptocurrency exchanges such as Binance, Coinbase, were not securities, unlike direct sales to institutions. Although the ruling was a significant gain for XRP, the strength of the rally that followed the decision quickly faded before reaching $1. XRP reached a significant milestone of $0.93 in July, but has been losing ground since then.
Last week’s selling wave caused XRP to fall below two critical support/resistance levels at $0.6 and $0.5. The bearish candle’s wick extended to $0.42, but the price rebounded above $0.5 with the buying frenzy that overwhelmed the bears.
Investors considering buying XRP may want to wait for the trend to be confirmed before making a purchase. It is still too early to say whether the fifth-largest cryptocurrency and also the fourth-largest altcoin will recover towards $1 from the rising trend line or drop to $0.42 or worse, $0.3. If sellers persist in pulling the trend line or the price below $0.5, it may cause a drop in XRP.
Moving Average Convergence Divergence (MACD) continues to give a sell signal, confirming the bearish outlook. Investors will continue to see XRP as a worthwhile asset as long as the blue MACD line remains below the red signal line. A quick recovery attempt will face significant challenges, especially when the Money Flow Index (MFI) is close to the oversold zone. This indicates that the flow of funds into XRP markets is insufficient compared to the volume of outflows. In other words, the momentum is not enough to keep the altcoin in an upward trend.
However, while it is expected that short positions in XRP will remain profitable over the weekend, investors need to be vigilant and not miss out on a jump towards $0.6 if MACD starts to rise and gives a buy signal.
Will Robinhood List XRP?
Rumors that low-cost stock and crypto trading platform Robinhood will list XRP before the end of the year have increased recently. Experts believe that such a listing would greatly benefit the altcoin in reaching pre-lawsuit levels against the SEC.
Rumors of Robinhood’s listing preparations started with claims made by a prominent source claimed to have direct inside information. While the legal process between the SEC and Ripple continues, such a listing is considered to be a definite trigger for a new price rally.
