Technical Analysis for XRPUSD for 5th January 2022
Ripple Wavy Inside a Descending Wedge, Bulls Upbeat and Targeting $1
Slightly one year after the U.S. SEC sued Ripple Labs and some of Ripple's executives, lawyers representing the blockchain company are confident the case will be closed in April. Jeremy Hogan, a lawyer and an active member of the Ripple community, espoused confidence, saying there was not much chance for the ongoing, high-stakes court case to be extended beyond April 2022.
Past Performance of XRP
The Ripple price is within a descending triangle, although XRP prices edged higher on January 4. The pin bar with a long lower wick suggests demand in lower time frames, squarely placing the coin within the falling wedge closely defining the bearish development of early December 2021.
Ripple Technical Analysis
Overall, Ripple's fundamentals drive XRP prices. If the blockchain company wins versus the SEC, the coin would most likely explode above $1. In anticipation of a support ruling, there may be entries for ambitious traders angling for a retest of the psychological resistance at $1. A close above $0.90—the immediate resistance line and the middle BB—may help create a clear price trajectory in choppy price action. A close below $0.75, on the other hand, would likely trigger a sell-off, forcing prices back to $0.60—December 4 lows.
What to Expect of XRP
Fundamentally, Ripple is solid and may be undervalued. However, this preview will only be cemented once there is a close above $0.90 in the short term. If not, a plunge below $0.75 reaffirms sellers of early December 2021—and would be a precursor for a dive to $0.60—or worse.
Resistance level to watch: $0.90
Support level to watch: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.