XRP Technical and Fundamental Analysis 30.10.2023

The SEC settlement deadline is approaching. After the SEC dropped charges against Chris and Brad, the SEC and Ripple requested to try and settle on the fine regarding institutional sales of XRP, and they have until November 9th to do so, or it’s likely back to court.

Ripple Swell Conference, on November 8-9. Personally, I don’t think an announcement, especially one related to an IPO, will happen at the conference, especially not with ongoing SEC discussions. However, the market seems to believe otherwise, so it’s good to keep that in mind.

Now, onto the technical part. The level around $0.55-$0.56 is our key level. If there are higher timeframe closes above this level, I believe the price will aim to test $0.62 first. As for support, I’m keeping an eye on the $0.55 level initially, followed by $0.47. As long as there are positive developments regarding the lawsuit, I believe the price will want to fill the wick it left behind months ago.

The analyses shared here are not investment advice; rather, they are support and resistance levels believed to offer short to mid-term trading opportunities in the market. The responsibility for making trades and managing risk lies with the user. It is strongly recommended to use stop-loss orders in trades shared here.

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