XRP is trading at $0.40, a gain of over 2% in the last 24 hours. In addition, the weekly chart indicates that Ripple’s native token has increased by nearly 7%.
The price increased after a brief period when XRP experienced significant selling pressure as investors appeared to take profits. The trend caused XRP to lose over $800 million in a single day.
Coinbase’s delisting of XRP
In recent weeks, XRP has defied the general crypto market price movement by trading predominantly in the green zone, resulting in a three-week consecutive green candle. However, Coinbase’s delisting was likely a catalyst for a possible correction.
Notably, Coinbase Wallet announced on December 5 that it would cease supporting XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) due to low usage.
However, XRP’s momentum is due to Ripple Labs’ minor victories in the Securities and Exchange Commission’s ongoing case. In this line, legal experts predict that the case may be decided in Ripple’s favour, a bullish catalyst for the XRP rally.
For instance, XRP appreciated after the presiding judge ruled on the release of the Hinman documents and the acceptance of the amicus briefs.
Price analysis of XRP
In addition, based on the recent price movement of XRP, the community has set its sights on reaching the $0.5 level, which can usher in a path toward $1. XRP reportedly needs to break above $0.40 before it can target a move to around $0.45.
Similarly, Michael van de Poppe, a crypto trading expert, tweeted on November 30 that he believes XRP can reach $0.49.
As the XRP community awaits the SEC case’s conclusion, the asset’s technical analysis is neutral. The summary of the daily gauges on TradingView corresponds to ‘neutral’ at a value of 10, similar to moving averages at a value of one. Elsewhere, oscillators can be purchased for two.
The XRP community on CoinMarketCap continues to be bullish. The community forecasts that the price of XRP will reach $0.42 by the end of 2022.