The price action of XRP was disappointing last week as it broke a key support level, turning it into a barrier. During this time, the token dropped below $0.4, losing about 30% of its value. Still, it has struggled hard, which has led the digital asset back into bullish territory. On November 8, the price of XRP fell below the $0.38 support level, forming a narrower range from $0.31 to $0.40.
Given that the token is recovering from its recent plunge, momentum is weak. The $0.38 price level is very critical at a particular moment. XRP price may see further gains due to Ripple vs SEC news. Positive momentum will be confirmed if XRP clears the range between $0.38 and $0.40. On the other hand, at the current resistance, the bears can outmaneuver the bulls and force a pullback back below $0.30.
Ripple vs SEC
The Nov. 14 notice says Ripple’s motion to file an amicus brief with the SEC has been granted. Individuals and other interested parties can now participate in the process through the amici identity. The first “friend of the court” to file an amici briefing may be Coinbase. U.S. cryptocurrency exchange agrees with Ripple on why XRP should not be classified as a security.
XRP Ecosystem Development
Ripple recently announced an expanded strategic partnership with MFS Africa in a tweet. The fintech company dominates the mobile money market in Africa, with more than 400 million connected customers and more than 800 payment channels, all of which are constantly expanding.
“We are pleased to announce that our On-Demand Liquidity (ODL) Partnership with MFS Africa expands! Africa is home to 70% of the world’s $1T in mobile money value, and ODL will further strengthen the digital payment rails across the continent.”
Swell Global is another event that could have a big impact on XRP price. This year’s event will be held in London on November 16-17.
Delma Wilson
Delma is a B2B content marketer, consultant, blogger in the blockchain and cryptocurrency space host. In her spare time, she enjoys blogging, playing badminton and watching ted talks. She loves pets and shares her free time with NGOs.
Delma is a B2B content marketer, consultant, blogger in the blockchain and cryptocurrency space host. In her spare time, she enjoys blogging, playing badminton and watching ted talks. She loves pets and shares her free time with NGOs.
