Ripple (XRP) Steady Below $0.9175 – Why it’s Crucial to Break Over $0.9500
Arslan Butt•Monday, December 27, 2021•2 min read
- Shark Tank star Kevin O’Leary has about 10% of his total investment in cryptocurrencies, and he has decided not to bet his money on one coin, which is Ripple’s token XRP.
- The XRP/USD pair is trading at 0.9166 level, facing strong resistance at 0.9175. On the 2-hour timeframe, the SMA is likely to provide resistance at the 0.9175 level.
- The SEC filed charges against Ripple and its two executives last year, and the case has not yet been resolved in favor of any party.
The
XRP/USD pair ended the day at $0.92043, having reached a high of $0.93411 and a low of $0.90619.
XRP/USD continued its flat movement for the second consecutive session on Sunday amid a lack of significant market events. Shark Tank star Kevin O’Leary has recently provided his opinion about Ripple. According to O’Leary, the payment company Ripple was in the middle of a long court battle with the Securities and Exchange Commission (SEC), and that is why he had zero interest in investing in litigation against the SEC, as it was a terrible idea.
Ripple Live Rate
XRP/USD
The TV star has about 10% of his total investment in cryptocurrencies, and he has decided not to bet his money on one coin, which is Ripple’s token XRP. The SEC filed charges against Ripple and its two executives last year, and the case has not yet been resolved in favor of any party. However, a couple of weeks ago, Ripple has enjoyed a bullish rally a another non-profit organization named Empower Oversight filed a case against the SEC for being biased against Ripple and sparing other cryptos like Ethereum. The filing of this case brought a spark of bullish momentum in XRP/USD prices; however, the comments from Kevin O’Leary in such a situation capped further gains and turned the crypto flat for the day.
Meanwhile, the US dollar was also subdued due to the holiday season and the absence of investors, which also kept the cryptocurrency XRP flat. It looked like investors were out of the market, which caused consolidated movement throughout.
Daily Technical Levels
Support Resistance
0.90637 0.93429
0.89232 0.94816
0.87845 0.96221
Pivot Point: 0.92024
Ripple Technical Outlook – XRP Retest $0.9175
The XRP/USD pair is trading at 0.9166 level, facing strong resistance at 0.9175. On the 2-hour timeframe, the SMA is likely to provide resistance at the 0.9175 level. A surge in demand can extend a buying trend until 0.9544 or 1.0208 resistance level.
On the other hand, a spike in selling could trigger a downtrend until the 0.8849 support, and a bearish crossover below this could lead the XRP/USD price towards levels of 0.8330 and 0.7603. So let’s keep an eye on 0.9175 for a sell trade and vice versa. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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