• XRP price tries to break above the ongoing range, extending from $0.316 to $0.403.
  • A breakout from this consolidation could see the remittance token rally 35% and retest the $0.509 hurdle.
  • Invalidation of this bullish outlook will occur if Ripple holders fail to defend the $0.316 barrier.

XRP price action last week was disappointing as it slid below a significant support level, flipping it into a blockade. As seen between June and September, the altcoin faced immense selling pressure from the said hurdle that hindered bullish breakout attempts multiple times.

Interests in the SEC vs. Ripple lawsuit seem to be renewed as Coinbase, a poster child for crypto exchanges in the US, joins the battle in support of the defendant. As reported in a previous article, the presiding US District Judge, Analisa Torres, granted motions to the defendants’ 12 backers to file their Amicus Briefs.

One of these twelve supporters includes the well-known crypto exchange, Coinbase. Due to these developments in the lawsuit that tips the scale in Ripple’s favor, investors need to keep a close eye on XRP price.

XRP price edges closer to a breakout

XRP price slid below the $0.381 support level on November 8 and has created a smaller range, extending from $0.316 to $0.403. The altcoin hovers in the upper half of the region, suggesting underlying bullish enthusiasm.

Due to the proximity of the $0.381 and $0.403 hurdles, it will take a lot more than a few buyers’ hope. However, a sudden spike in Bitcoin price over the weekend could see XRP price follow suit and push higher. In such a case, investors can expect the remittance token to tag the immediate hurdle at $0.448.

Clearing this blockade will allow XRP price to stay on the path and revisit the $0.509 hurdle, above which rests buy-stops. A sweep of this liquidity will likely signal an end of the uptrend, bringing the total gain to 35%.

XRPUSDT 12-hour chart

XRPUSDT 12-hour chart

While things are looking up for XRP price, a breakdown of the range’s midpoint at $0.359 will shake the investor confidence. This move could send the altcoin toward the range low of $0.316.

If buyers step up and attempt a recovery, things will remain unchanged for investors. However, a twelve-hour candlestick close below $0.316 will invalidate the bullish thesis. Such a development could send XRP price crashing to retest the $0.288 support floor.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP