The Ripple price has continued its downward push, missing out on the recent crypto rally as the SEC case with Ripple continues to dominate Ripple price predictions.
The latest in the case centres around a tweet by an attorney, John Deaton, on what he calls empirical evidence that 60% of Ripple’s investors were not aware of what XRP represented at the time of purchase. He further states that it was difficult to establish if those who purchased XRP tokens did so under inducement.
Ripple execs continue to insist that they did no wrong and that XRP tokens are not a security. The project continues to break new ground, with Ripple X announcing the launch of a fund to support the development of Non-fungible tokens (NFTs) on its network.
As of writing, Ripple price was down a tad at 1.62% but has bounced off intraday lows after hitting strong support formed by the 1.03890 price mark (11 September and 5 October lows) and the channel’s return line on the daily chart.
Ripple Price Prediction
The 1.03890 support level intersects the channel’s trendline to form immediate support. A bounce from this area targets the 1.12547 resistance before additional resistance barriers at 1.24180 and 1.32295 come into the picture as additional barriers preceding the channel’s return line. A break of the channel to the upside brings the 6 September high at 1.4000 into the picture.
On the other hand, a breakdown of the channel and the 200-day moving average targets 0.92257 initially, before the 0.85560 support comes into the picture as an additional price target to the south. 0.80084 and 0.70074 become available if there is a price decline below 0.85560.