Ripple (XRP/USD) trades at $0.35. a decline of 7% in the day. For another time, the cryptocurrency was rejected at the $0.4 resistance. However, it should be remembered that positive developments of the Ripple case with SEC were a significant bull trigger. XRP traded at a high of $0.55 in late September, in line with the case direction. However, as cryptocurrencies soil after the FTX collapse, XRP has not been an exception.
Aside from the general crypto mood, XRP is poised for growth if Ripple triumphs against the regulator. Recently, Ripple made a small win after a court allowed amicus briefs in the case. As of the November 18 deadline, 14 had filed their briefs for Ripple and 1 for SEC. The final arguments in the longstanding case will be presented to the presiding judge towards the end of this month. After that, it would take another 2-6 months to conclude the case. Still, a long way to go before the bulls get a chance to ride on a post-determination rally should Ripple win.
So, what’s at stake now is whether XRP could wither the bear market as investors wait for the outcome. From a technical point of view, XRP has done exemplary well, although it is struggling to make significant gains.
XRP maintains a short-term trendline amid weak momentum
XRP/USD Chart by TradingView
A technical outlook shows XRP trading along the short-term trendline since initiating a recovery slightly above the $30 support. However, the trading pattern should be viewed as largely a consolidation rather than a bullish one.
The RSI remains below the midpoint but shows no oversold conditions for XRP.
Should you buy XRP?
Buyers and sellers of XRP are muscling up between the $0.30 and $0.40 levels. A $0.4 remains a key resistance to watch for a confirmation of bullish momentum.
Alternatively, a break below the short-term trendline could take XRP price back to $0.30. With XRP bulls defending $0.30 since June, it remains the level to watch. A break below $0.30 would confirm a bear market.
Where to buy XRP
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Bitstamp
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The post XRP continues to struggle amid SEC case developments. What you need to watch next appeared first on CoinJournal.
