The asset has gained over 3% in the past week, with technicals showing some bullish signs.
XRP has again embarked on a solo campaign as it sustains its winning streak for the second consecutive session amid a bearish market. Despite the recent opposition initiated by the bears, technical indicators are threading on bullish grounds as the asset trades above the 100-day EMA.
Following two losing sessions on December 24 and 25, XRP staged a comeback which saw it gain by 5.81% two days ago. The surge marked the asset’s most significant single-day increase since the 10.8% price rally on November 14.
Maartun, a CryptoQuant on-chain analyst and market watcher, recently highlighted XRP’s bullish movements as the asset sought to print a second green candle on Tuesday. Despite facing fierce resistance at the $0.3731 price point, XRP closed Tuesday with a 0.46% increase, marking its second consecutive winning session regardless.
— Maartunn (@JA_Maartun) December 27, 2022
The asset began today with mixed signals but has so far succumbed to the demands of the bears, with a 3.55% decline in the past 24 hours. Nonetheless, XRP managed to avoid the first support zone at $0.3511 at the time despite dipping to an early-morning low of $0.3546. A lack of significant SEC v Ripple case updates has left XRP at the mercy of the markets.
While investors anticipate rulings on the recently-filed Omnibus Motions and the Summary Judgement briefs, XRP’s price action is being dictated by the swings of the macro climate. Notably, yesterday, U.S. attorney Lewis Cohen filed a motion to appear pro hac vice for Paradigm Operations LP. This crypto-focused investment firm previously filed an amicus brief in Ripple’s favor.
XRP’s Price Analysis
Meanwhile, XRP has remained flat in the past hour, changing hands at $0.3582 as of press time. The asset’s journey to the first crucial resistance at $0.3741 is hinged on the recapture of the $0.3663 pivot point. If XRP can reclaim the Tuesday high of $0.3731, a surge above the first significant resistance could materialize.
If the momentum is sustained, the asset could be gunning for the second significant resistance point at $0.3805. However, XRP’s dream to eclipse the $0.40 level will only come into play if the asset can conquer the third significant resistance at $0.3946.
Notwithstanding, XRP has failed to tower over the $0.3663 pivot point. Consequently, the recent downturn has dropped the asset below the first crucial support at $0.3600. Further selloffs would see XRP dip to its second support level at $0.3522, especially if it drops below the $0.3550 zone.
Seasoned analyst Profit Blue recently forecasted a crash below the $0.10 price point if XRP’s monthly candle ends the month below the $0.35 level. It bears mentioning that XRP’s third support sits at $0.3381.
— PROFIT BLUE (@profit8lue) December 28, 2022