Price Analysis

Bitcoin & Ethereum Impacting XRP Price Than Ripple vs SEC Lawsuit!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Nov 8, 2021

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Highlights

    Bitcoin & Ethereum prices rise above their levels by smashing the barriers and hence paving way for ETH price to form new ATH

    The top 2 crypto assets uplift XRP price, that the positive updates of Ripple vs SEC case failed to do so

XRP price was consolidating heavily for more than a couple of months within the same margin below $1.2. Despite the multiple attempts to range above these levels, yet the price was pulled back to these levels. Yet with the fresh surge, the crypto market cap ranged to its all-time high above $2.8 trillion. Also, XRP price followed the suit and marched towards the next resistance.

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However, the bullish market sentiments only helped the XRP price to leap high. Numerous positive updates from the Ripple vs SEC case failed to give a notable push. Yet the past weekend appeared to be pretty bullish as most of the cryptocurrencies flew above their resistance levels. As Coinpedia reported earlier the XRP price may break the immediate resistance, the asset is going along the trend.

xrpprice
Source: Tradingview

By gaining extreme bullish momentum, the price broke the symmetrical triangle a couple of days before. Interestingly, the price is following a similar pattern and could hit $1.4 very soon, probably in the next couple of days. However, the push above $1.2 appears to be due to the bullish sentiments within the crypto space.

In the recent past, the Ripple vs SEC lawsuit dragged many updates, out of which many were in favour of the company. However, these updates failed to give a push to the XRP price which remain stagnant for more than a month.

Also, a huge influx of liquidity of more than 80%, recording more than $4 billion volume rallied the market cap above $60 billion. Currently, the XRP price is $1.28 with a huge jump of 8.96% compared to the last 24 hours. The uptrend is expected to continue with another 4%-5% jump, assisting the price to hit $1.3 before closing the day’s trade. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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