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XRP Must Return to $0.48 to Challenge the Bulls at $0.50

Daniel Rogers

Nov 07, 2022 17:49

 截屏2022-11-07 下午5.46.11.png


On Sunday, XRP fell 4.50 percent. Following a Saturday drop of 2.51%, XRP closed the week up 2.95 percent at $0.47113. Bearish mood from the crypto market as a whole weighed as investors secured profits before a busy week. Technical indications are optimistic, with XRP trading above the 100-day exponential moving average (EMA), indicating a rebound to sub-$0.50.


On Sunday, XRP fell 4.50 percent. Following a Saturday drop of 2.51%, XRP closed the week up 2.95 percent at $0.47113. Notably, XRP halted a three-week losing record, which was its longest losing streak since May's nine-week losing streak.


Despite a mixed opening to the day, XRP climbed to an early high of $0.49461. XRP reached a 1-hour low of $0.46763 after failing to surpass the First Major Resistance Level (R1) at $0.5056. At $0.4854 and $0.4776, XRP broke through the First Major Support Level (S1) and the Second Major Support Level (S2). However, avoiding prices below $0.46, XRP established support at $0.47113 before day's finish.


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There were no new developments in the SEC v. Ripple case for investors to ponder on Sunday.


With the Court accepting the SEC's request to extend the deadline for all parties to file Reply Briefs until November 30, holders of XRP risk increased uncertainty.


The Defendants have made significant progress, and court decisions have given them the upper hand. However, a prolonged case could give the SEC time to craft its strategy.


The Court will no longer accept Amicus Briefs after November 11, therefore we anticipate an increase in requests and submissions this week. However, the impact of the Amicus Briefs on XRP has been minimal. Investors must evaluate how the SEC will approach each issue and how the Court will evaluate the content.