Ripple’s XRP appears to be bouncing back from its lows around the $0.70 level as several technical indicators point to a recovery even as analysts predict a possible bottom for Bitcoin, an encouraging sign that the bearish mood afflicting the crypto market could soon turn around. At the time of writing, XRP/USD is trading at around $0.767.

Currently sitting in the eighth position in the chart based on its market cap, Ripple’s XRP has struggled to find reasons to stay bullish as the wider crypto sector faces downward pressure as buyers keep away. Macroeconomics are weighing on the market at present, as traders focus on the Fed’s plans for a rate hike to combat soaring inflation, which could restore faith in the traditional financial market and pull investors away from the more volatile and unpredictable digital asset market instead.

A few days ago, there was some uncertainty in the markets over Ripple’s fair notice defense after the argument failed in another lawsuit between the SEC and Fife. This has raised concerns that the lawsuit could go in favor of the agency and against the company, which could cloud its prospects and that of its token, XRP.

Meanwhile, in an interview with CNBC earlier this week, SEC Chairman Gary Gensler refused to share his thoughts on whether he considered Ethereum also as a security. Gensler has come under fire not just from the XRP community but also crypto holders at large for his lack of clarification on why he thinks of Ripple’s XRP as a security but excludes Bitcoin and Ethereum from the same logic.

In recent updates shared on its official Twitter account, it looks like Ripple has been keeping itself busy with several initiatives despite the ongoing legal uncertainties, the company has published a whitepaper on CBDCs discussing their future and requirements for implementation. The company also highlighted how the Ripple NGP has partnered on social causes across over 80 countries, putting to work $150 million worth of donations towards sustainability.

XRP/USD Technical Analysis

On the 4-hour chart of XRP/USD, smaller moving averages as well as leading technical indicators MACD and momentum are exhibiting a bullish bias. However, the larger timeframe MAs – 50 EMA, 100 EMA and 200 EMA are pointing to some selling interest.

Ripple’s XRP holds just under the pivot point at $0.77 although far from the immediate support at $0.68. It looks like the price is undergoing some consolidation while waiting for buying momentum to build up and take XRP past the pivot point, so let’s keep an eye on this level for now.