- The ongoing lawsuit may have an impact on the market of XRP.
- The prices fell by around 6.5% reaching around $0.36.
- XRP supporters in panic mode, fear Ripple’s case might have the ripple effect.
The ongoing lawsuit may send some shockwaves as one of Ripple’s allies lost to the US SEC. The team XRP fears that it may have the same fate. Amidst this gloomy situation, the troubles don’t seem to reduce for XRP, and the investors are slightly unsure of its future.
The Chart POV
The charts reveal that the prices continue to form a downtrend with heavy sell-offs and bulls trying to pull it up. It may take support at $0.352 again and rise slightly, hoping the bulls overpower the bears. The new support may be formed at $0.3074 if it continues to fall. The BB bands repel each other with great distance, and prices fall sharply.
The market seems bearish as the RSI indicator strolls to the heavy sell-off zone and returns to stay in the range of 30-40. It may again fall closer to the bottom edge before turning bullish. The MACD indicator shows a glimpse of the bear market with the signal line above the MACD line and ascending sales, but may turn bullish soon.
The recent hours show a slight bull movement as the XRP fans try to uplift the market and balance out the harm. The MACD indicator has turned bullish where the signal line lays above the MACD line and witnesses increasing sales. The RSI indicator lays flat around 40-mark but may fall lower before taking off.
Amidst the crypto winter and ongoing liquidity crunch, XRP witnessed some harsh weather disguised as the lawsuit. It may have harmed it, but it will return with more power. The bulls and big whales may provide support and help uplift the market and bring back normalcy.
Support levels: $0.352 and $0.307
Resistance levels: $0.525 and $0.530
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.