XRP close to its yearly low: Will it recover before 2022 ends?
At the time of writing this post, XRP was trading around $0.386, which is around the yearly low. On the daily chart, you can find an upward momentum in the last two months. Before that (May to September), XRP was consolidating between $0.3 and $0.4.
The positive momentum starts once investors realize that the SEC-XRP case judgment might be in favor of Ripple, and the price will bounce back. In the last two months, XRP has been consolidating between $0.43 and $0.53. Suddenly, the FTX liquidity crisis announcement forced the price down to a yearly low.
Now XRP is consolidating around the previous range. Most other technical indicators are neutral at this time because investors are not confident about long-term investment in cryptocurrencies.
Though Binance has announced a recovery fund for fundamentally strong projects, it has not been implemented yet, so it may take time to encourage investors. We can find spikes in volumes on the daily chart, but XRP coin may consolidate within these levels for a few more weeks.
On the weekly chart, we can find a bullish candle (this week) after the bearish engulfing candle (last week). Though this week’s candlestick is forming around the baseline of BB, the token is still bearish.
However, it can be a good time to accumulate XRP coins for the long term because if the bullish momentum continues for the short term, you can make quick gains within a few months. However, it is suggested that you click here and read the XRP price prediction before making your investment decision
On the flip side, if XRP crypto breaks the support, it will take another support of around $0.18. You can accumulate more coins at this level. According to market experts, the SEC-XRP lawsuit will take a few more months. Until then, the price of XRP will trade sideways. That means you will get more opportunities to accumulate the coin at your desired price level.
Fundamentally Ripple will be strong crypto if they win the case. Though it is not possible to time the market, we think XRP will change the momentum for the long term after the announcement of the court case. Before that, it will be sideways, so you can add it to your watch list and start accumulating the coin at a lower price level.