XRP still holds a bullish sentiment despite news emerging on November 29 that crypto exchange Coinbase will end the wallet support services for the seventh-ranked digital asset by market capitalization.
As things stand, XRP is trading at $0.40, gaining over 2% in the last 24 hours. Furthermore, the weekly chart indicates Ripple’s native token has rallied by almost 7%.
The rally followed a brief stint where XRP experienced significant selling pressure as investors appeared to take out profits. The trend saw XRP lose over $800 million in capital within a day.
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Coinbase wallet withdrawing XRP support
In recent weeks, XRP has mainly traded in the green zone defying the general crypto market price movement leading to a three week consecutive green candle. However, the delisting by Coinbase, was presumably a catalyst for a possible correction.
Notably, Coinbase Wallet announced it would no longer support XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM), effective December 5, citing low usage.
However, it can be assumed that XRP’s momentum is a result of Ripple Labs’ minor wins from the ongoing case by the Securities Exchange Commission (SEC). In this line, legal experts project that the case might be ruled in favour of Ripple, a bullish catalyst for the XRP rally.
For instance, XRP rallied after the presiding judge ruled on the handover of the Hinman documents and the approval of the amici briefs filings.
XRP price analysis
Furthermore, based on the recent XRP price movement, the community has focused on attaining the $0.5 level, which can usher in a trajectory towards $1. In this case, a Finbold report indicated that XRP needs to break above $0.40; thereafter it can target a move to around $0.45.
At the same time, in a tweet on November 30, crypto trading expert Michael van de Poppe believes the XRP can target the level of $0.49.
As the XRP community looks forward to the conclusion of the SEC case, the asset’s technical analysis is neutral. The summary of the daily gauges on TradingView aligns with ‘neutral’ at 10, similar to moving averages at one. Elsewhere, oscillators are for ‘buy’ at two.
Finally, the XRP community on CoinMarketCap remains bullish. As reported by Finbold, the community is projecting that XRP will trade at $0.42 by the end of 2022.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
