Ripple’s XRP remains broadly stable at the start of Monday’s session, as the broader crypto market trades in the red with buyers staying on the sidelines due to bearish moves in major Bitcoin and Ethereum coins. At the time of writing, XRP / USD is trading at around $ 0.847.
With several traders staying out of the market during the year-end holidays and a lack of significant fundamental drivers, the eighth largest cryptocurrency hasn’t seen much price action in recent sessions. Additionally, a mixed outlook on its outlook for the year also left the few traders still in the market confused as to its direction and what to expect from Ripple’s XRP.
While the main driver of price action in crypto XRP is the result of the SEC vs. Ripple case this year, several other factors may be contributing to its movements as well. For example, a recent report from Arcane Research predicts that Ripple’s cryptocurrency could drop from the top 10 this year as new altcoins gain attention and experience meteoric growth in the coming months. This forecast shook investor confidence to some extent, dragging Ripple’s XRP below the $ 0.90 level last week.
Meanwhile, the new year has started with Ripple releasing one billion XRP coins from escrow and into the ODL corridor, an automatic transfer designed by its developers. The move not only supports XRP liquidity in crypto exchanges, but is also essential to cover operational expenses faced by the company.
Meanwhile, attorney Jeremy Hogan has indicated that he hopes the Ripple v SEC lawsuit could be resolved in favor of the company by April 2022. He predicts that the case is highly unlikely to be extend until the summer of this year. Ending the lawsuit could result in bullish moves in the XRP token, especially if it ends in a win for Ripple.
XRP / USD technical analysis
Technical analysis of the H4 price chart of XRP / USD reveals a bearish bias among most of the moving averages as well as the momentum indicator. However, the MACD also suggests some interest among buyers.
XRP / USD
Ripple’s XRP is trading below the pivot point at $ 0.87, although the immediate support at 0.78 is working effectively for now. A build-up of selling pressure could see this level tested while a slight increase in the number of buyers could see XRP breaking through the PP soon.