• XRP price shows no signs of slowing down after failing to stay above the $0.381 support level.
  • This development has left the remittance token to find a harbor at $0.359, $0.349 or $0.340.
  • A daily candlestick close above the $0.381 level will invalidate the bearish thesis. 

XRP price remains at the mercy of the outcome of the lawsuit between  the SEC and Ripple. While Ripple is fighting to get its hands on the former director of US Securities & Exchange Commission (SEC) William Hinman’s 2018 speech, the SEC is trying to shield it by crying “attorney-client” privilege.

As the ruling hangs in balance, Ripple’s legal counsel Stuart Alderoty took shots at the SEC on Twitter.

He further added,

the regulators are attacking the projects to expand jurisdiction beyond “securities” by telling judges w/a straight face we’re the government so we must be right. Time for the industry to lock arms and defend this overreach together.

On the other hand, XRP price and its lackluster performance could see it slide lower before any meaningful upswing originates. 

Ripple price lacks momentum

Ripple price failed to sustain its explosive move above the $0.381 and $0.387 resistance levels. This lack of momentum resulted in XRP price sinking lower to where it is currently trading to find a stable support level

This down move is likely to continue before XRP price sweeps the $0.359 or $0.349 levels for liquidity. Here, bulls have a chance to make a comeback. However, failing at this point could send the remittance token back to the $0.340 support level.

The best case scenario is for buyers to step in and take control, triggering another attempt to move beyond $0.381.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

While things are looking overall bearish for Ripple price, a move above the $0.381 barrier will confirm a resurgence of buying pressure. A flip of this level into a support floor will invalidate the bearish outlook and trigger a potential move up to $0.439.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin Weekly Forecast: BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.

More Bitcoin News

XRP price: Active whales continue XRP accumulation powered by optimism of likely Ripple win

XRP price: Active whales continue XRP accumulation powered by optimism of likely Ripple win

Ripple CEO Brad Garlinghouse's appearance on Fox Business coincided with the XRP price rally. XRP price yielded nearly 30% gains overnight, rising from the $0.39s to a high above $0.50 in a matter of hours. 

More Ripple News

Litecoin price will end in tears this evening as naive bulls get a market lesson

Litecoin price will end in tears this evening as naive bulls get a market lesson

Litecoin price (LTC) sees bulls being taken to the cleaners as an early rally gets cut short and turns completely negative. 

More Litecoin News

Chainlink Price Prediction: Can traders tap more gains from LINK price V-shaped recovery?

Chainlink Price Prediction: Can traders tap more gains from LINK price V-shaped recovery?

Chainlink presents a strong bullish structure following support at $6.50. A v-shaped recovery pattern attracts immense volume as bulls eye $8.15.

More Chainlink News

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP