The Ripple could be stable when writing. However, this is not discounting the fact that the coin is under immense selling pressure. To illustrate, XRP is down 45 percent from H2 2021 peaks, sinking under selling pressure in a bear breakout pattern.
Ripple Holders Bullish
Nonetheless, there is confidence from market participants. Most traders are looking at Bitcoin—considering its direct correlation with altcoins, including XRP—and how the ongoing court case pans out. Thus far, Bitcoin is steady, rejecting lower lows boding well for altcoins and XRP.
Meanwhile, the confidence of Ripple proponents on the Ripple—SEC court case is fundamentally positive for XRP. There is unsubstantiated talk that the case would settle as early as April 2022. Supporters of the project say this will be inevitable because XRP was the first coin to find approval from the U.S. FinCEN. They add that the current case is an audit of how XRP would, in the future, function, holding a critical remittance role in finance.
Digivault supports XRP
Digivault, a cryptocurrency custodian by a NASDAQ-listed exchange, recently added XRP to the coins it supports. The timing, observers note, is interesting since it appears that its operators are not concerned about the regulatory repercussions presented by the ongoing court case.
Although XRP trading in the U.S. shrunk after the SEC filed the suit, causing Coinbase and most exchanges to suspend trading, there could be resurgence in 2022 with Digivault spearheading support.
The firm’s executive pointed out the growing significance of crypto assets and the demand from users, which exploded following their partnership with Asset Reality.
Ripple Price Analysis
The Ripple price is still under pressure, reading from the performance in the daily chart.
Down 45 percent from H2 2021 peaks, XRPUSDT is sliding, printing lower in a bear breakout pattern. The inability of Ripple bulls to unwind losses of January 5 swings price action to favor sellers from an effort-versus-results perspective.
Accordingly, sellers might find entries as long as prices are below $0.85 and the lower trend line of the bear flag. Further losses below $0.70 may force more liquidation towards $0.60—the December 4, 2021 low—confirming selling pressure of early November 2021.