XRP Seeks Support Amidst SEC Battle
XRP, the token currently embroiled in a legal battle with the SEC, is looking for support before continuing its upward climb to $1. The token is currently trading at $0.515 with a trading volume of $789 million.
Main Breakdowns:
- XRP is trading below all major moving averages, including the 50-day EMA, 100-day EMA, and 200-day EMA.
- XRP is back to trading levels seen before the July ruling in the Ripple vs. SEC case, despite a brief rally.
- Last week saw XRP drop below crucial support/resistance areas at $0.6 and $0.5.
- Traders should wait for the trend to confirm before entering new positions in XRP.
- XRP’s bearish outlook is supported by the MACD and Money Flow Index.
It is likely that XRP will continue to lose ground if sellers push for action below the trendline or $0.5. Short positions in XRP are expected to be profitable, but traders should remain vigilant for potential reversals. There are rumors that Robinhood may list XRP before the end of 2023, which could provide a boost to the token’s price.
Hot Take:
XRP is facing challenges in its attempt to reach $1, as it is currently trading below major moving averages. The bearish outlook is supported by technical indicators. While short positions may be profitable in the short term, traders should be cautious and consider potential reversals. The potential listing of XRP on Robinhood could be a catalyst for another price rally, but this remains speculative at this point.
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