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XRP forms 4th straight weekly red candle after brief bullish recovery

XRP forms 4th straight weekly red candle after brief bullish recovery

After a brief bullish run for the majority of the cryptocurrency market, things seem to be settling down again, and the Ripple-issued token XRP is forming a red candle for the fourth week in a row.

Indeed, the closing price of the XRP token for the previous three weeks was below both the price at which it opened and previously closed, and the continuation of the weekly bearish pattern seems in store, as per TradingView data retrieved on November 3.

XRP’s weekly candle chart. Source: TradingView

Analyzing the chart, the last green candle for the decentralized finance (DeFi) asset was glowing in the week between October 3 and October 9. Since then, XRP has been following a red candle pattern.

Is an XRP bull run still possible?

Currently, XRP is changing hands at the price of $0.4559, recording a drop of 0.15% on the day, as well as 3.04% across the previous week.

XRP 7-day price chart. Source: Finbold

Its market capitalization of $22.72 billion is still holding XRP at the sixth place among the largest cryptocurrencies by this indicator, according to data retrieved by Finbold on November 3.

That said, the crypto community over at CoinMarketCap is still somewhat optimistic about the token, predicting that XRP will trade at the median price of $0.4655 on November 30, 2022, but slightly less so for the end of December, for which the majority of votes currently predict $0.4277.

SEC lawsuit looking good for XRP?

Meanwhile, Cryptillian Payment Systems, a digital wallet service that uses XRP, has stepped in to file an Amicus Brief supporting Ripple’s opposition to the Summary Judgment motion filed by the Securities and Exchange Commission (SEC), defense attorney James K. Filan said on November 3.

With this filing, the digital wallet service has become the 11th entity to file an Amicus Brief for Ripple, igniting a discussion over how the price of XRP would react upon the lawsuit’s conclusion, which increasingly looks to be moving toward Ripple’s win.

As a reminder, the blockchain company has been waging a widely publicized legal battle against the SEC which has accused Ripple of illegally releasing and selling more than $1.3 billion in unregistered XRP tokens between 2013 and December 2020.

Recently, Ripple’s legal team secured another win in the case when the presiding judge overruled the regulator’s attempt to withhold the documents in which the former Division Director William Hinman said that Bitcoin (BTC) and Ethereum (ETH) were not securities.

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