Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

Christian Encila

Last Updated: May 18, 2022 12:18 pm

2 mins read

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Ripple (XRP) has managed to make a quick rebound at the end of the week. That said — will Ripple go bullish at least for the short term?

On the chart, XRP is seen to be cascading downward. The current support zone is set at $0.33 which has helped skew the decline in price.

Now, in order to stay afloat, the bulls should manage to keep Ripple’s price point above this mark. When done successfully, Ripple (XRP) will tend to move above the static resistance line; specifically at $0.55, and then move to $0.68.

As of this writing, the crypto is trading at $0.430831 on Coingecko, down 16% in the last seven days.

SEC Vs. Ripple Case – Receiving Positive Response

Sunday was a good day for Ripple as it went up by 5.07% which happened following Saturday’s gain of 0.92% However, XRP ended the week on a sour note as it spiraled down by 21% to $O0.4475. XRP was down despite the positive turnout on Ripple’s court submission on Friday following the SEC v. Ripple case.

Ripple has evidently filed a reply last week to SEC in relation to the William Hinman’s speech made in 2018. Hinman, ex-SEC Director of the Division of Corporation Finance, is the main or pivotal figure in this legal battle between SEC and Ripple.

In Hinman’s speech in 2018, he mentioned that Bitcoin and Ethereum are not securities. SEC is now trying to cover up emails and other documents such as Hinman’s declaration or speech and other private or internal discussions that can be used as evidence.

XRP total market cap at $20.76 billion on the daily chart | Source: TradingView.com

Ripple On Reversal?

A lot of indicators show that Ripple is oversold which means it can push towards an upward trend in the short term. Now, to validate that reversal, the price must overshoot towards a higher high and onto a higher low. The price should be pulled to a price of $0.65 to create a bullish momentum.

Additionally, the structure can be dubbed bullish if Ripple manages to go to a higher high right above the resistance zone. However, its last ascending wave seems weak which means a retest is a possibility. More so, the resistance zone also goes through an Ichimoku cloud, making it entirely difficult for the bulls to maneuver through.

As Ripple’s price got to the green zone thrice in the past year, it can now be regarded as weaker support. Now, if the bearish trend declines, the demand would most likely struggle in meeting the supply, especially with another retest of support.

Featured image from Profit Confidential, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

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