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Sanjay Shukla
Nov 8, 2022
by Sanjay Shukla

XRP Technical Analysis: Amidst SEC Lawsuit, Ripple Enters Bearish Trend

XRP Technical Analysis
The technical indicators display a bullish reversal with a downtrend pushing the XRP price to drop below $0.42350.

Amid the rumors that Twitter, a social media giant, may adopt Ripple (XRP) for its payment interface after the acquisition of the former by the billionaire and business tycoon Elon Musk, the XRP returned to the bearish area. However, the investors are optimistic about XRP as they hope it will win the lawsuit against the Securities and Exchange Commission (SEC).  

As the crypto market began the week with a sharp decline, XRP has not been the exception which dropped 6.59% in the last 24 hours. $0.47972051 is the 24 hours high of XRP, while its low is  $0.42441308.  After moving sideways during early trades, XRP price dropped back to its mid-October level, losing all the gains of last week. 

Key Points

  • The rate of XRP has declined by 7.82% over the last 24 hours

  • The XRP price action shows coin has entered the bearish trend 

  • The intraday trading volume in Ripple is $2.11 billion 

    • TradingView Chart

    XRP Technical Analysis

    As of writing, the XRP price is $0.4371 with the coin witnessing a drop of nearly 7.82% in the last 24 hours and 6.52% in the past 7 days.  At the current price, the coin is 88.66% below its all-time high of $3.84, with a 47.80% drop in the current year. With a market cap of $21.7 billion, XRP has a circulating supply of 50.2 billion, making it the 6th largest cryptocurrency in the global crypto market.

    Breaking its previous support of $0.4425 the XRP price dropped below $0.450 with a 50-day SMA moving below the price line several times.

    Technical Indicators

    RSI slope shows a fall from the overbought zone under the 14-day SMA, while the closing gap between MACD and signal line indicates a potential bearish crossover as the histogram signals a downtrend.

    Although technical indicators show a declining trend in XRP price, the bearish channel opens opportunities for short selling. 

    Resistance levels: $0.46615 and $0.46490

    Support levels: $0.42748 and $0.42638

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    XRP Technical Analysis: Amidst SEC Lawsuit, Ripple Enters Bearish Trend
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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