During the week, the XRP/USD pair attempted a corrective growth after a serious fall last week caused by the bankruptcy of the FTX exchange, and is currently testing the 0.3906 level.
The current strengthening of XRP quotes is probably speculative in nature, since the fundamental factors for the cryptocurrency market are still negative. The bankruptcy of the FTX platform, which affected the interests of more than a million creditors, has already led to a significant loss of confidence of ordinary investors in the digital asset industry. So, according to the calculations of CryptoQuant, last week there was a significant outflow of funds from cryptocurrency exchanges: by Monday, about 214.0K BTC (3.4B dollars) and 1.546M ETH (1.8B dollars) had already been withdrawn from them, and this process continues. A series of bankruptcies of FTX-related companies is also expected in the near future, in particular, the hedge fund Ikigai has already announced the loss of a large part of its investments.
In general, the pressure on the cryptocurrency market promises to continue in the near future. Nevertheless, community members remain optimistic about a possible court settlement on the claim of the US Securities and Exchange Commission (SEC). Ripple has a high chance of winning this case, especially since its supporters were allowed to participate in the process as "friends of the court". In the near future, 13 large XRP-holding companies will have to submit their official explanations to court officials about why the token cannot be considered a security. A full settlement of the dispute is expected in December or early next year.
Now the price is testing the 0.3906 mark (Murray [0/8]), consolidation above which may cause growth in the area of 0.4330 (Fibo retracement 23.6%, Murray [1/8], the upper limit of the long-term descending channel) and 0.4883 (Murray [2/8]). Otherwise, the decline will resume to the levels of 0.3165 (November lows), 0.2930 (Murray [-2/8]).
The downward trend continues, as evidenced by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone, but the upward reversal of the Stochastic does not exclude the continuation of corrective growth.
Resistance levels: 0.3906, 0.4330, 0.4883. | Support levels: 0.3165, 0.2930.