Home Price Analysis Ripple Price Mixed and down 19%, XRP is Bullish above $1

Ripple Price Mixed and down 19%, XRP is Bullish above $1

The Ripple price is relatively stable, still in red week-to-date. However, on the fundamental front, it is fast-paced, even chaotic.

Will Ripple Sellers Come on Top?

A look at the chart reveals hesitation amongst traders.

On one end, bulls have satisfactorily rejected—absorbing lower lows—given the steady rise of XRP prices over the weekend.

Meanwhile, on the other, fundamentals do offer support, fanning the possible upswing.

Even so, traders shouldn’t be overly buoyant reading the state of Ripple prices in the daily chart. If anything, there are series of lower lows.

Although bullish, Ripple bulls are yet to reverse the steep losses of September 7.

Additionally, the bull bars posted over the weekend are in tight trading ranges, offering support from around the psychological support at $1.

This skews in favor of sellers in the immediate term despite Ripple fans confident of the outcome of the ongoing court case.

SEC-Ripple Court Case Developments

Already, Ripple and SEC agree that the former has no fiduciary duty to XRP holders. It is a decision that saw the XRP Army move forward to make their interests known in the ongoing case.

By doing so, they have shown their willingness to shield their interest just in case there is a downturn, with the SEC winning the case and XRP declared a security.

Meanwhile, Ripple lawyers want a more substantive and more precise answer from the SEC on whether they precleared employees who hold and trade XRP—a coin the agency maintains is an investment contract.

Ripple Price Analysis

Ripple Price Daily Chart for September 13 (1)

The Ripple price is down 19 percent at the time of writing in the last week of trading.

Reading from the price chart, XRP sellers are steady on the last trading day. Notably, prices rebounded from around $1—a psychological support level. There are hints of weakness, and XRP bulls are not off the hook as per the candlestick arrangement in the daily chart.

Since Ripple prices are skewed for bears, bulls must reverse September 7 losses with increasing trading volumes for the shift to trend as per volumes analysis.

If XRP prices continue to move inside the conspicuous bear bar, the coin could tumble below $1 from an Effort-versus-Results perspective towards $0.75 in the medium term.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.


If you found this article interesting, here you can find more Ripple news

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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