The current XRP bias is neutral. Despite the relief rally, the cryptocurrency seems more likely to consolidate between the key levels further before a clean breakout can take place.
Short-Term Prediction for XRP Price
If the rally is sustained, then XRP may test the key resistance at $0.85. However, it is too early to expect a breakout, and it may continue to consolidate under the resistance until sufficient momentum is gathered to break through higher.
XRP has added more than 7% to its value in the last 24 hours as the US SEC vs. Ripple case is expected to be pushed back by a month.
The case between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple is expected to be pushed back for a month. However, XRP has added more than 7% to its value in the last 24 hours.
Ripple v. SEC Case Could be Delayed
Fox Business journalist Eleanor Terrett has revealed that the case between the US SEC and Ripple will be pushed back a month. The delay is due to the rapid spread of the Omicron variant. A source close to the matter told Terrett that the motion would be filed in court tomorrow, January 13.
XRP found good support on $0.70 and has since rallied over 10%.
Key Support levels: $0.70
Key Resistance level: $0.85
The ABC correction appears to be completed after XRP successfully tested the $0.70 support level earlier this week. Since then, the price has moved higher and is approaching the resistance at $0.85. XRP may retest the key support again before a sustained breakout can take place
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