Ripples XRP fell below $ 0.90 after not building enough momentum to hit key $ 1 levels and lacking enough fundamental drivers for more bullish price action into the final week of 2021. At the time of writing, XRP / USD trading at around $ 0.884.
It has been the seventh largest in the last week Cryptocurrency after Market capitalization managed to post small gains and regain the $ 0.90 level after several sluggish moves below it. One of the biggest factors keeping the XRP under pressure is weak market sentiment, although it has improved somewhat since after becoming the market leader Bitcoin topped the $ 50,000 mark again.
While several experts had predicted quite a bull run in the crypto market towards the end of the year, coin actually led BTC to slide down, taking almost the entire market with it. Also Ethereum failed to make significant strides past the $ 4,000 mark, suggesting a hesitant sentiment among investors that is also preventing Ripple’s XRP from experiencing much volatility lately.
Some fundamentals offer hope for Ripple’s XRP
On the upside, however, many analysts expect a rally in Ripple’s XRP in 2022, in anticipation of the lawsuit against the SEC and in favor of Ripple. Crypto experts are forecasting a well-in-double-digit rally for Ripple’s crypto if the company wins the lawsuit, especially as it already enjoys the support of the robust adoption of its technology by mainstream financial institutions worldwide to facilitate efficient cross-border payments and transactions.
Last week, the XRPL Foundation partner was and hosted the Apex Developer Summit, an event that fueled discussion among developers from around the world based on the XRP ledger – Ripple’s Blockchain. The event saw Ripple’s CTO David Schwartz discuss the concept of federated sidechains, a feature that the development of DeFi, NFTs, CBDCs, and other applications across the network.
One of the most exciting upcoming dApps discussed during the Apex Developer Summit was Ledger City – an immersive 3D building experience for managed accounts. That could be Ripple’s foray into the Metaverse and is expected to kick off in early 2022, a development that is sure to spike the value of the XRP if it does.
XRP / USD technical analysis
The technical analysis of the H4 price chart shows a downward trend in almost all moving averages as well as the technical leading indicators MACD and momentum. Only the 100 SMA initially indicates a certain interest in buying in the market.
XRP / USD
Ripple‘s XRP is trading below the pivot point at $ 0.92, although immediate support at $ 0.82 is holding up well for now. We need to pay special attention to this level as it could be tested if downward pressures continue to build.
Source: Crypto News Deutsch