. Daily Crypto Analysis - XRP Plunge Ignites SEC vs. Ripple Legal Battle

Daily Crypto Analysis – XRP Plunge Ignites SEC vs. Ripple Legal Battle

Daily Crypto Analysis – XRP Plunge Ignites SEC vs. Ripple Legal Battle

10 Nov 2023

Introduction:

In the cryptocurrency market, Ripple’s XRP faced a 5% decline amidst ongoing preparations by Ripple and the SEC for potential court proceedings. Uncertainty looms as both parties gear up for future legal actions, while investors eagerly anticipate November 19, a pivotal date marked by ISO 2022 integration and banks’ adoption of XRP. This setback for XRP contrasts with the recent market surge led by Bitcoin and Ethereum.

RIPPLE:

XRP price falls 5% as Ripple and SEC prepare for potential future court proceedings.

The XRP price dipped nearly 5% as the Ripple vs. SEC document didn’t offer a clear sign of a settlement probability. Both sides continue to participate in legal processes, gearing up for potential upcoming court proceedings. Investors eagerly await November 19, marked as a crucial juncture, with ISO 2022 implementation and banks adopting XRP in focus.

The price of Ripple (XRP) is undergoing a downturn after a consistent ascent since mid-October. This decline stands out as unusual, especially when considering the recent overall market surge, primarily driven by Bitcoin (BTC) and Ethereum (ETH).

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.656 | Negative Crossover | Bearish
  • MA 20: 0.650| Negative Crossover | Bearish
  • MA 50: 0.609| Positive Crossover | Bullish

Simple:

  • MA 5: 0.660 | Negative Crossover | Bearish
  • MA 20: 0.655| Negative Crossover | Bearish
  • MA 50: 0.599| Positive Crossover | Bullish

RSI (Relative Strength Index): 50.92| Buy Zone |Bullish

Stochastic Oscillator: 2.29| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.713| R2: 0.780
  • S1: 0.636| S2: 0.561

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 0.616 | Take Profit: 0.562 | Stop Loss: 0.648.

Elsewhere In the Crypto Market

The Bitcoin price reached $37,900, marking its highest point in eighteen months and sparking optimism among traders, fostering a bullish sentiment for BTC. The price of Ethereum (ETH) surged, surpassing significant barriers, showcasing considerable strength in ETH.

Bitcoin up (0.11%) at 36591.00, Ethereum down (1.06%) at 2,098.3, Litecoin down (1.16%) at 73.01, Solana up (6.01%) at 49.30, Doge coin up at (1.11%) at 0.74 as of writing time.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 00:30.

(GBP) GDP (QoQ) (Q3) Actual 0.0%, Forecast –0.1%, Previous 0.2% at 12:30.

(GBP) GDP (MoM) (Sep) Actual 0.2%, Forecast 0.0%, Previous 0.2% at 12:30.

(GBP) Manufacturing Production (MoM) (Sep) Actual 0.1%, Forecast 0.3%, Previous-0.8% at 12:30.

(EUR) ECB President Lagarde Speaks at 18:00.