. Daily Crypto Analysis - XRP's 6% dip in SEC battle sparks imminent resurgence.

Daily Crypto Analysis – XRP’s 6% dip in SEC battle sparks imminent resurgence.

Daily Crypto Analysis – XRP’s 6% dip in SEC battle sparks imminent resurgence.

24 Nov 2023

Introduction:

 In the latest crypto market update, Ripple’s XRP faces a 6% weekly decline amid an ongoing SEC lawsuit, prompting significant shifts in ownership. Despite bearish signals for Bitcoin, there’s potential for a rebound in XRP as investors show interest. Meanwhile, Ethereum’s price has returned above a key support level, but uncertainties loom over the sustainability of this rally.

Ripple:

A rebound in the price of XRP is probably in store as investors buy up Ripple despite the dispersion of whales.

XRP’s value has experienced a 6% decrease over the week, attributed to the ongoing SEC lawsuit, with market participants anticipating a potential resolution. Notably, significant holders in Ripple’s wallets have divested their XRP, while retail traders have acquired the asset in the past three months.

The price of XRP witnessed a 6% decline over the week as the cryptocurrency underwent a correction. The prolonged legal battle between the US Securities and Exchange Commission (SEC) and Ripple, a major payment company, contributed to this downward trend.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.60 | Positive Crossover | Bullish
  • MA 20: 0.60| Positive Crossover | Bullish
  • MA 50: 0.59| Negative Crossover | Bearish

Simple:

  • MA 5: 0.60 | Positive Crossover | Bullish
  • MA 20: 0.59| Positive Crossover | Bullish
  • MA 50: 0.62| Negative Crossover | Bearish

RSI (Relative Strength Index): 50.9| Buy Zone |Bullish

Stochastic Oscillator: 99.35| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 0.61| R2: 0.68
  • S1: 0.57| S2: 0.53

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.63 | Take Profit: 0.68 | Stop Loss: 0.60.

Elsewhere In the Crypto Market

Sell signals for Bitcoin’s price persist on the daily time frame. The price of Ethereum has returned to trading above a critical psychological support level. However, there are indications that this rally may not be sustained this time.

Bitcoin up (1.42%) at 37,829.00, Ethereum up (2.12%) at 2,105.7, Litecoin up (1.06%) at 70.28, Solana down (0.19%) at 57.00, Doge coin up at (1.73%) at 0.77 as of writing time.

Key Economic Events & Data Release Today:

(EUR) German GDP (QoQ) (Q3) Actual –0.1%, Forecast –0.1%, Previous 0.0% at 02:00.

(EUR) ECB President Lagarde Speaks at 05:00.

(CAD) Core Retail Sales (MoM) (Sep) Forecast –0.2%, Previous 0.1% at 08:30.

(CAD) Retail Sales (MoM) (Sep) Forecast 0.0%, Previous –0.1% at 08:30.