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Authorities are Preparing to Introduce Restrictions for the XRPUSD

11/23/2022 2:44 PM

This week, the XRP/USD pair is making attempts to grow, recouping the losses incurred last weekend.

In general, the market remains negatively affected by the bankruptcy of the FTX exchange, which continues to cause an outflow of investors' funds from digital assets and may lead to the introduction of restrictions for cryptocurrency entrepreneurship by the authorities. It should be noted that US Treasury Secretary Janet Yellen and Deputy Governor of the Bank of England John Cunliffe have already spoken out for the soonest strengthening of regulation of the sector, and representatives of the American Financial Industry Regulatory Authority (FINRA) have announced an audit of the advertising policy of companies. The current market situation is pushing global regulators to designate clearer rules of operation, but some experts believe that they will only complicate the business conditions for many projects.

Meanwhile, Ripple CEO Brad Garlinghouse announced his readiness to conclude a deal to acquire a number of FTX exchange units, noting that he had previously discussed this initiative with the owner of the site, Sam Bankman-Fried, and probably the parties agreed. Garlinghouse is primarily interested in subsidiaries specializing in working with large business clients. Their acquisition, as well as the recruitment of some former employees, will provide Ripple with greater stability, especially in a "bearish" market. These positive news contribute to the partial strengthening of the position of the XRP token.     

Technically, the price has reversed from the 0.3418 mark (Murray [-1/8]) and is aiming for the 0.3906 level (Murray [0/8], the middle line of the Bollinger Bands), which is the key for the "bulls". In case of its breakout, the growth may continue to the levels of 0.4330 (Fibo retracement 23.6%) and 0.4630. The most important level for the "bears" remains 0.3418, a breakdown of which will give the prospect of a decline to the area of 0.3165 (November lows), 0.2930 (Murray [-2/8]).

The downward trend continues, as evidenced by the downward reversal of the Bollinger Bands, however, the upward reversal of the Stochastic and the decrease in the MACD histogram in the negative zone do not exclude the continuation of corrective growth.

Resistance levels: 0.3906, 0.4330, 0.4630. | Support levels: 0.3418, 0.3165, 0.2930.

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