The crypto space has been in a narrow range for the past few days, and the weekend also failed to generate the necessary bullish momentum. Along with Bitcoin, significant altcoins such as XRP, ADA, SOL, and others held for a while before plummeting dramatically at the start of the new weekly trade. The current trade set-up appears to be pretty bearish and hence the XRP price is believed to drop to the lower support close to $0.32.
Besides, the Ripple vs SEC lawsuit decision is still pending which was believed to induce a significant price action ahead. Will the coiling demand to ‘Relist XRP’ will cease with the plunging XRP price? Or it’s just a short-term pullback that may be overcome in a while ahead?
The price is moving along a trend resistance since April 2022 and has been facing constant rejection, fining the trend support. It is forming constant a head & shoulders pattern which may fuel the downward movement.
The price appears to be heading toward the crucial support zone by slicing through the lower support of the triangle. The token is believed to make a shift to the $0.32 level and attract more hands to accumulate at lower prices. This could enhance the volatility that may be further fueled by the probable Ripple vs SEC settlement or the summary judgment which is expected to come up any moment within the H1 2023.
With the decision on the lawsuit produced, the upswing is expected to prevail for the next couple of months. Until then, the XRP shorts may have a larger play with the lower target at $0.32 where they may take out 100% of their profit. This may liquidate the shorts which may trigger a notable rebound reclaiming the lost levels by the end of Q1 2023.