XRP assets gain value. The stock has gained more than 3% in the past week, with technical data showing positive signs.
XRP has once again started in a one-man campaign as it maintains its winning streak for the second consecutive session in the bear market. Despite the recent resistance of the bear market, technical indicators continue to decline as the asset trades above the 100-day EMA.
After two losing sessions on December 24 and 25, Ripple made a comeback that saw it gain 5.81% two days ago. The increase marked the largest one-day increase in the commodity since prices rose 10.8% on November 14.
CryptoQuant on-chain analyst and market watcher Maartun recently pointed to the bullish movement in XRP as the asset looks to post a second green candle on Tuesday. Despite strong resistance at the price of $0.3731, Ripple closed Tuesday with an increase of 0.46%, still marking the second consecutive winning session.
The stock started today with mixed signals but it is in line with the bearish demand, down 3.55% in the last 24 hours. Nevertheless, XRP managed to avoid the initial support zone at $0.3511 at that time despite the morning low at $0.3546. The lack of significant updates from the SEC v Ripple case left XRP at the mercy of the market.
As investors await the verdict on the recent omnibus appeal and the short-lived case, XRP’s price volatility is driven by changes in the macroeconomic climate. Apparently, yesterday US Attorney Lewis Cohen filed a motion to appear pro hac vice for Paradigm Operations LP. The crypto-focused investment firm previously filed an amicus brief for Ripple.
XRP Price Analysis
Meanwhile, Ripple has stabilized over the past hour, trading at $0.3582 at press time. The path of the asset to the first important stability at $ 0.3741 depends on the recovery from the $ 0.3663 pivot point. If XRP can recapture Tuesday’s high of $0.3731, a push above the first significant barrier could begin. If the fire continues, the asset may need the second important stop point at $0.3805.
However, XRP’s dream of covering the $0.40 level will come true only if the asset can overcome the significant third resistance at $0.3946. Nevertheless, Ripple did not fall above the pivot point of $0.3663. As a result, the recent decline has caused the asset to fall below the first important support at $0.3600. Another sell-off will send XRP to its second support level at $0.3522, especially if it breaks below the $0.3550 level.
Analyst Profit Blue recently predicted a fall below the $0.10 price level if the Ripple monthly candle ends the month below the $0.35 level. It is worth mentioning that the third support for XRP is at $0.3381.