●Ripple price has regained its bullish momentum, with the RSI hinting at a pullback after a two-day nosedive.
●XRP could climb 10% to test the supply zone extending from $0.6582 to $0.7186, confirming the uptrend above $0.6857.
●Invalidation of the bullish thesis will occur after the payment token’s market value breaks and closes below the 50-day SMA at $0.5852.
Ripple (XRP) price is pulling higher after a prolonged slump, reinvigorating hope among XRP community members. It comes as November 30 draws near, when the market will finally find out what transpired between the US Securities & Exchange Commission (SEC) and Ripple behind closed doors.
Ripple and SEC closed-door meeting coming up
Ripple (XRP) community members have been waiting for revelations about the upcoming closed-door meeting between the payments protocol and the SEC. The two parties will discuss a settlement on Thursday. The subject matter of the meeting will be:
◆Institution and settlement injunctive actions
◆Institution and settlement of administrative proceedings
◆Resolution of litigation claims
◆Matters relating to litigation
◆Matters relating to examinations and enforcement proceedings
Notably, the SEC’s announcement about the closed-door meeting did not specifically name Ripple or XRP directly. However, speculation has brewed with chatter concerning the potential settlement of ongoing litigations in the Ripple case intensifying.
A settlement would be good for Ripple price as it would finally mean the ecosystem has put the longstanding case behind it.
Meanwhile, the sentiment has extended to Ripple price, which is inching north as November 30 draws near.
Ripple price inches higher eyes a 10% climb as Thursday approaches
Ripple (XRP) price is sitting on the $0.5981 support level, with the 50-day Simple Moving Average (SMA) providing additional support at $0.5852. With these buyer congestion levels holding, XRP price could move north.
Increased buying pressure sprouting from the 50-day SMA and the $0.5981 buyer congestion level could set the tone for Ripple price to foray into the supply zone extending from $0.6582 to $0.7186. To confirm the continuation of the advance, the price must record a daily candlestick close above the midline of this order block above $0.6857
.
In a highly bullish case, Ripple price could break out of the supply barrier as it heads to the $0.8000 psychological level.
The gains could even extend past $0.9000 and the range high at $0.9408 before testing the much desirable $1.0000 psychological level, last tested on December 23, 2021. Such a move would constitute a 65% climb above current levels.
The Relative Strength Index (RSI) has deflected from its initial southbound move in a noticeable attempt to pull north. If this trajectory sustains itself, the RSI could soon cross above the signal line (yellow band), a move typically interpreted as a buy signal.
XRP/USDT 1-day chart, Source: TradingView.
On the flipside, increased seller momentum could see Ripple price lose the critical support levels offered by the horizontal line at $0.5981 and the 50-day SMA at $0.5852, thereby invalidating the bullish thesis.
A prolonged slump could send Ripple price to the 200-day and 100-day EMAs at $0.5531 and $0.5480, respectively. If those levels break, XRP price could fall back into a consolidation phase between $0.4743 and $0.5392.
