- XRP bears join the game again after the temporary rebound on Saturday.
- Ripple might sustain further plunges if the alt erodes the crucial daily support level of $0.79.
- RSI points lower to the oversold territory while beneath 50.
Sunday sessions see XRP returning to the red as the weekend love seems to fade across the cryptocurrency spectrum. For now, Ripple calls for negativity as we jump into a new week. The world’s largest digital currency, Bitcoin (BTC), extends its battle around the $50K mark as Ethereum (ETH) defends the $4,000 level.
XRP entered the bearish consolidation phase after the 4 December flash crash as sellers lurked around the $1-mark. While publishing this content, XRP has its price at $0.83, following an almost 1% drop.
Market players still weigh the developments surrounding the ongoing Ripple Labs vs. SEC. On Friday, ex-Goldman Sachs CEO and former Equities and Equity Derivatives Head Raoul Pal said that Ripple vs. SEC legal battle made XRP an attractive investment.
Pal stated that the court lawsuit is a remarkable risk-reward for XRP holders. Meanwhile, Ripple CEO declared that the SEC lawsuit might end in 2022. Experts had predicted that XRP boasts a higher chance to win the case. Such developments can translate to lucrative Ripple opportunities in the upcoming bullish run.
Ripple (XRP) Daily Price Chart
Ripple price moves towards retesting the crucial daily support level at $0.79. Remember, the remittance coin rebounded from the mark a day before. The 14-day RSI edges lower to the oversold region while maintaining, under the central line. That shows that the highlighted support might see risks throughout the day ahead.
If bears ensure daily close below this footing, XRP will encounter a sharp drop to the 4 December low at $0.62. The 6 December lows at $0.7494 will be a massive cap during such trends.
Meanwhile, Ripple bulls should secure a massive foothold beyond Saturday’s peak at $0.8440. That way, the alt will resume its rebound to the down-sloping 21-DMA at $0.9236. The following considerable resistance line stands within the $0.95 – $1.00 range, where the psychological barrier and 200DMA coincide.