The price of XRP (1) attempts to move over the current range, which runs from $0.316 to $0.403. The remittance token might rise 35% if this consolidation breaks out and retests the $0.509 barrier. This optimistic view will be invalidated if Ripple investors are unable to maintain the $0.316 resistance level.
The current trend
Last week's price movement of XRP was disappointing since it fell below a crucial support level, turning it into a roadblock. As was evident between June and September, the aforementioned barrier put tremendous selling pressure on the cryptocurrency and repeatedly thwarted efforts at bullish breakouts. As Coinbase, the leading example of US crypto exchanges, joins the conflict in support of the defendant, interest in the SEC vs. Ripple (2) action appears to be rekindled.
According to a recent post, the 12 supporters of the defendants were given permission to file their Amicus Briefs by presiding US District Judge Analisa Torres. One of these twelve backers is Coinbase, a well-known cryptocurrency exchange. Investors need to keep a careful eye on the XRP price in light of recent developments in the litigation that tip the balance in Ripple's favor.
The price of XRP approaches a breakout
On November 8, the price of XRP fell below the $0.381 support level, creating a narrower range that ranged from $0.316 to $0.403. The alternative currency floats above half of the area, indicating a bullish excitement.
It will need a lot more than a few purchasers' optimism to overcome the $0.381 and $0.403 obstacles because they are close together. However, if the price of Bitcoin suddenly increases over the weekend, the XRP price may do the same and go higher. In such a scenario, investors can anticipate the remittance token to set the first barrier at $0.448. By removing this obstacle, the price of XRP will be able to continue on its course and return to the $0.509 barrier, which is where buy-stops are located. The rise will probably end with a sweep of this liquidity, bringing the gain to 35%.
