XRP has been struggling to grow since the SEC lawsuit and fell 10.47% compared to the past week. Supporters of Ripple and the community thinks that XRP found the bottom around $0.70 in December 2021, but is it true? No one can be sure.

The XRP price chart depicts a general sideways rise. However, the new year has simply prolonged the corrective period, and the price has fallen below the $0.7 support level. At this level, the daily chart displays many lower rejection candles, suggesting the presence of significant demand pressure. However, the test of the currency dropping below $0.51 is predicated on the fact that its important support is now around $0.71, which is not far from where XRP is trading right now. If the price movement invalidates this support as well, the price might fall below $0.51.

And it appears that a portion of the investors has already safeguarded themselves by selling for profit earlier in December and then withdrawing at the first hint of loss at the start of 2022. Over 1 trillion days were wasted by their marketing in these two cases.

Key Takeaways (XRPUSD)

• Ripple (XRP) has been in a downtrend since Christmas 2021, and investors are concerned about the start of 2022. The sell-off, spurred by concerns about increasing interest rates in the United States, has battered the XRP price, which has pushed the stars out of favour of any optimistic reaction.
• A court recently dismissed a defendant’s allegation that there was no fair notice for the phrase “dealer,” which had less binding authority than “investment contract.” This time, Attorney Hogan stated, it is different because the burden is on the SEC. The SEC has submitted a letter of additional authority in support of its petition to dismiss Ripple’s fourth affirmative defense, the “fair notice” claim.

Fear & Greed Index: 21, Fear

All-time High: $3.84

ROI: 12542.94%

7d change: -10.47%       

Market Cap: $35,325,037,996

Circulation Supply: 47,577,198,013 XRP

Total Supply: 99,989,867,338 XRP

Daily Chart Breakdown of XRPUSD

Source: TradingView

The XRP price has broken below the weekly rising trendline. The previous test of $0.70 during the last month provided a little support, and the market went up to $1.0 but has been tanking since then. XRP hovers above $0.70 at this time and might test the $0.80 level before going south again. It will not be surprising if the market tanks towards $0.50 in the coming weeks.

4h Chart Breakdown of XRPUSD

Source: TradingView

On the 4H timeframe, the XRP price is forming a falling channel and has an RSI bullish divergence visible that could spark a sluggish bullish move towards $0.80. Or a break below $0.70 will push the market towards $0.50.

1 Hour Chart Breakdown of XRPUSD

Source: TradingView

On 1h timeframe, we can see an RSI bullish divergence as well. If the price continues to move upward, $0.80 will be a good price for sellers. Otherwise, a break below $0.70 will push the market towards $0.50

Final Thoughts

The range between $0.80 and $0.70 is of core significance right now. A breakout in any direction will provide a strong move in the respective direction.