XRP price ended the day yesterday with 24 hour gains of 2.59% to close October on a high. It was only the second time in two months that XRP price had risen for four consecutive days. However, the token started November on a reverse, losing 1.47% to trade at $1.097 at 0710 GMT.
XRP’s rise this year has been hampered by the longstanding legal battle pitting XRP’s parent company, Ripple and the US Securities and Exchange Commission (SEC). This has denied XRP the chance to experience its own price spike even when the crypto market hits new highs.
SEC case still holding key to XRP rally
Despite its troubles, XRP has been resilient and has kept its top 10 position. There’s still some way to go before the case comes to an end. This means that XRP’s price is likely to be “regulated” by the case for at least the remainder of the year.
Investors will be looking for the expert discovery phase of the case to gauge the likelihood of XRP’s long-awaited price spike. Given that the court has ordered an end to that phase by mid-January next year, the price is likely to start gathering momentum in December 2021.
Technical analysis for XRP price
XRP price is back to trading within the range, after previously having embarked on an uptrend. The last time the token gained for four consecutive days was between August 31st and September 3rd. The RSI is currently at 50 and this signals that the buying momentum is average. Therefore, the price could swing in either direction.
However, the 10-EMA (green line) is about to cross above the 20-EMA (red line), which signals the possibility of bullishness. In that case, the bulls are likely to push the price to the first resistance at $1.116. Beyond that point, the next resistance may come at $1.141.If the price rises further to $1.161, it could be the beginning of a sustained uptrend for the week.
However, if the buyers lose their momentum, the XRP/USD pair could slide to find the first support at $1.082 and the second one at $1.055.Beyond that point, the asset will depend on the psychological support at $1.000.