XRP token

XRP Rallies Amid Recent News

January 13, 2022 7:49 am

XRP has rallied over 10% this week on the stream of news that continues to favor Ripple, mainly regarding the SEC case.

XRP prices have taken a pummeling recently, primarily on the news of the SEC response papers against Ripple. However, with Ripple’s filings and some media attention on both sides, people appear to regain confidence in XRP.

Most recently, the rumors of the SEC pushing back hearings a month because of new COVID infections appear to be in Ripple’s favor. 

Pushing back the hearings in favor of in-person hearings is seen as a benefit to Ripple, as the depositions can be more effective being there is a seven-hour limit, which is harder to accomplish over Zoom.

The requested delay is until February 28th, giving both sides just over a month to further get their respective cases in order.

In addition, the judge is expected to rule soon on whether or not Ripple can access the large volume of documents relating to whether or not Ethereum and Bitcoin received a ‘free pass’ in SEC scrutiny. The extension gives the Ripple attorneys time to gather and more completely review the documents to provide a stronger case.

There are also rumors of imminent legislation in Congress that may pass in the meantime regulating crypto, thus bringing an end to the whole debacle.

However, this is very unlikely for several reasons:

  • The current level of dysfunction in Congress is making passing anything complicated.
  • There is no talk by Congress of such impending legislation.
  • If such legislation were imminent, there would be months of meetings with tech and finance, town halls, and other water testing before putting together and voting on something as massive as regulating an entire industry. 

In addition, even if such regulation were to pass soon, applying it retroactively would be unlikely.

As of late January 12th, FX Empire reports:

XRP Rallies by More Than 7% in 24 Hours

XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.

XRP is trading below its 50-day moving average. Source: FXEMPIRE

The MACD line is below the neutral zone but is slowly moving into the positive territory. The RSI of 46 shows that XRP is now out of the oversold region. If the rally continues, XRP could break past its 50-day moving average price of $0.8620 soon.

However, since then, Ripple has continued to rise another almost 5%. With the news rapidly evolving on the case, and a lot of the speculation being positive, the chances are good of a continued rise.

Also, not everyone is bullish. FX Street also reports:

XRP price in an uphill battle

XRP price bounced off the $0.700 to $0.752 demand zone, preventing a steep correction. The resulting upswing has propelled Ripple by 13% to where it currently trades – $0.792. Although there might be a minor retracement, investors can expect the uptrend to continue.

The initial resistance level at $0.817 is the first barrier XRP price needs to clear. Doing so will allow the remittance token to face a formidable level at $0.861 as it coincides with the 50-day Simple Moving Average (SMA).

If buyers band together, there is a chance XRP price might venture higher and retest the $0.944 hurdle, coinciding with the 200-day SMA. This move would bring the total gain for XRP price to 22%. 

Any further attempt at moving higher seems unlikely given the uncertain nature of BTC.

XRP Price

At this time, while the numbers are looking good, any news at any time can rocket XRP another 10% in either direction.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.