. Daily Crypto Analysis - Ripple's Legal Win, XRP Faces 5% Decline

Daily Crypto Analysis – Ripple’s Legal Win, XRP Faces 5% Decline

Daily Crypto Analysis – Ripple’s Legal Win, XRP Faces 5% Decline

17 Nov 2023

Introduction:

In the dynamic world of cryptocurrencies, Ripple’s legal victory over the SEC contrasts with XRP’s price struggles, anticipating a 5% pullback. The technical analysis reveals potential declines, with Ripple’s price at risk below key support levels. Amidst this, Bitcoin stands at a critical juncture, rebounding to $38,000, while Solana’s impressive surge propels it into the top ranks, and Ethereum shows signs of recovery following recent losses.

Ripple:

Despite Ripple’s significant legal win against the SEC, XRP’s price fails to reflect parity, 5% pullback seems likely.

Despite filling a symmetrical triangle and breaking below it, Ripple’s price is confined below the $0.6603 support level. There’s a possibility of a 5% extension in the decline, jeopardizing the overall bullish outlook if it falls below the critical support level of $0.5981.

Ripple (XRP) price continues to decline, contrasting with the robust defence presented by Ripple Labs founder Brad Garlinghouse and chairman Chris Larsen against the U.S. Securities and Exchange Commission (SEC). The SEC charged them with allegedly aiding and abetting the company’s violations of U.S. securities laws in connection with XRP sales to institutional clients.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.609 | Negative Crossover | Bearish
  • MA 20: 0.628| Negative Crossover | Bearish
  • MA 50: 0.622| Negative Crossover | Bearish

Simple:

  • MA 5: 0.612 | Negative Crossover | Bearish
  • MA 20: 0.634| Negative Crossover | Bearish
  • MA 50: 0.636| Negative Crossover | Bearish

RSI (Relative Strength Index): 38.15| Sell Zone |Bearish

Stochastic Oscillator: 8.51| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.635| R2: 0.686
  • S1: 0.593| S2: 0.536

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 0.577 | Take Profit: 0.536 | Stop Loss: 0.604.

Elsewhere In the Crypto Market

Bitcoin reaches a critical position as its price rebounds to $38,000, entering a pivotal make-or-break zone. Solana (SOL) price is surging, surpassing the overall market performance and propelling itself into the ranks of the top six cryptocurrencies.
Ethereum’s price saw an uptick in the last 24 hours, mirroring the broader market trend and recuperating some of the losses observed the previous day.

Bitcoin up (0.13%) at 36,213.00, Ethereum up (0.18%) at 1,996.0, Litecoin up (0.06%) at 70.98, Solana down (11.20%) at 58.09, Doge coin up at (7.29%) at 0.85 as of writing time.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Oct) Actual –0.3%, Forecast 0.3%, Previous –0.9% at 02:00.

(EUR) ECB President Lagarde Speaks at 14:00.

(EUR) CPI (YoY) (Oct) Forecast 2.9%, Previous 4.3% at 05:00.