https://ift.tt/3mAvAp6 Dumped on Christmas Eve, will XRP Bulls Clear $1?

The Ripple price is relatively steady at the time of writing. After mid-last week’s losses, XRP prices are back to the bear way, judging from the XRP/USDT price action in the daily chart.

While Ripple remains under pressure and aligned to the selling pressure of the better part of Q4 2021, there are still lights from a fundamental perspective.

For instance, despite Jay Clayton and the SEC announcing the bombshell and deciding to sue Ripple and some of its executives one year ago, Bradley Garlinghouse, the CEO of Ripple, believes 2021 has been a watershed year for cryptocurrencies.

2021 Has Been a Watershed Moment for Crypto

Specifically, he points to the strong growth of On-Demand Liquidity (ODL) which has more than doubled from a quarter-to-quarter basis.

The CEO specifically points to the increasing acceptance and awareness cryptocurrency is bringing to billions of people across the globe.

“2021 has been a watershed year for crypto. Acceptance and awareness of the opportunity to bring billions of people into the global financial community have never been so clear. It’s been incredible to see a lot less ‘maximalism’, and many more builders joining the industry.”

A key in ensuring even more penetration in adoption is regulatory clarity. A settlement with the SEC on the ongoing court case could secure XRP’s position.

Meanwhile, the SEC and U.S. regulatory players should know that crypto players are asking for compliance. Therefore, the SEC describing cryptocurrencies as Wild West is a farce that doesn’t reflect on the true state of the industry.

Ripple Price Analysis

The XRP price is stable when writing, moving within a tight trade range inside the December 24 bear candlestick.

There is a bear breakout pattern with the engulfing bear bar of December 24, setting the motion in the short term. Ideally, aggressive bull traders might find more headroom above $1, invalidating bears of the mid-last week and the primary selling trend set in motion in December.

However, as per the development in the daily chart, there is more resistance to the upside. The rejection of higher highs above $1 points to sellers.

Meanwhile, the inability of bulls to unwind losses of December 24 could indicate even more liquidation pressure in the short-term reading from the Effort-versus-Results perspective. Losses below $0.88 might see XRP prices tumble to December 2021 lows of around $0.75, confirming sellers of November 2021.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.