Ripple’s XRP Crosses Pivot Point, Strong Resistance at $1 Next Hurdle

Ripple’s XRP Crosses Pivot Point, Strong Resistance at $1 Next Hurdle

Ripple’s XRP has posted somewhat of a recovery over the previous session following the sharp downslide during the latest crypto market crash, altho

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Ripple’s XRP has posted somewhat of a recovery over the previous session following the sharp downslide during the latest crypto market crash, although it still has some way to go to test the key $1 level. At the time of writing, XRP/USD is trading at around $0.83.

Ripple’s cryptocurrency was hit hard on December 4 when market leader Bitcoin crashed under the $52,000 mark, making its way below $0.70 on account of the panic selling that investors resorted to across the board. So far, its weekly losses still remain in double digits, at over 16%, even though it has managed to post a daily gain of nearly 7%.

SEC vs. Ripple Case to Drive Volatility in XRP This Week

Aside from the market sentiment, XRP traders will now turn their focus back on the SEC vs. Ripple lawsuit, as the December 8 deadline to file supplemental briefing on the DPP approaches. The XRP Army has taken the option to file new briefs as somewhat of a victory for Ripple as it can help the company counter the SEC’s refusal to admit key information in the legal proceedings.

The SEC has previously argued that its internal documents, especially concerning the status of XRP and ETH as unregistered securities, are protected by DPP (Deliberative Process Privilege). On the other hand, Ripple has sought these documents to strengthen their argument over how the SEC contradicts itself in not giving an unregistered security status to ETH but to its offering, the XRP, instead.

Ripple and XRP holders are also cautiously optimistic that the latest update in the legal drama could also counter how the SEC maintained that Hinman’s speech was his personal opinion and not the agency’s official policy. The inconsistency, if revealed, could work in the company’s favor, helping them with the fair notic defense as the SEC has not offered much regulatory clarity on why it considered the XRP as an unregistered security and went after the firm.

XRP/USD Technical Analysis

On the 4-hour price chart of XRP/USD, the smaller moving averages along with leading technical indicators MACD and momentum are suggesting a bullish bias. However, the larger timeframe MAs point to some selling interest in the market.

XRP/USD

Ripple’s XRP holds barely above the pivot point at $0.829 and is likely to face strong resistance at the first level coming up at $1.00. However, we need more buyers to enter the market now to attempt a test of this level in the near-term.



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