Ripple (XRP) price has been a subject of discussions for a long time now, especially with the looming case that the company is fighting against the top securities watchdog in the US – the Securities and Exchange Commission.
XRP has been suffering throughout the past fortnight, losing around 8% of its value in the period. For the past seven days, it’s down about 3.3%.
Critical Levels for XRP’s Price
In our most recent XRP price analysis, we identified a couple of critical levels that might come into play in the near-term future. The cryptocurrency’s reaction to them will likely set the tone for the mid-term.
First things first, it’s important to note that recently, the selling pressure increased, and XRP dropped below the 200-day moving average, which is located at approximately $0.51. This is usually considered an important level of either support or resistance. Since the price is currently below it, it would likely take more effort for the bulls to regain it.
The next level of significance is situated at $0.42. It holds substantial support, and it’s important to monitor the price at the current rate to see if $0.42 might come into play.
XRP Not Interesting Right Now: Analyst
In a recent update, well-known cryptocurrency trader Sjuul took it to X to share his stance on XRP’s price.
He said he’s currently not interested in it at this level.
He also shared the following chart:
In the above chart, he pointed out that his entry triggers would be:
- Tap into the demand zone
- New higher high
- Entry on retest
The analyst also acknowledged that the SEC lawsuit is heavily affecting the price of XRP:
But keep in mind that the XRP price is heavily affected by the XRP vs SEC SAGA, so keep an eye on the news!
Meanwhile, if you want to find out what ChatGPT thinks about Ripple’s performance during the next bull market, check out our recent video: