Last week’s price action of XRP was disappointing because it fell below a crucial support level, turning it into a roadblock. During this period, the token had lost about 30% of its value, as it slipped below $0.4. Nevertheless, it keeps fighting hard, which has caused the digital asset to move back into the bullish arena. On November 8, the price of XRP fell below the $0.38 support level, creating a narrower range that ranged from $0.31 to $0.40.
Given that the token is recovering from its most recent slump, the momentum is weak. The price level of $0.38 is very crucial at the given moment. The XRP price could increase further as a result of the Ripple vs SEC news. If XRP clears the range between $0.38 and $0.40, positive momentum will be confirmed. On the other hand, at the present resistance level, bears can outsmart the bulls and force a correction back below $0.30.
Ripple vs SEC
The November 14 notification stated that Ripple’s motions to submit amicus briefs to the SEC were approved. Individuals and other interested parties will now be able to participate in the proceeding thanks to the amici status. The first “friend of the court” to submit an amici brief may be Coinbase. The US cryptocurrency exchange has agreed with Ripple’s justification for why XRP shouldn’t be categorized as a security.
XRP Ecosystem Grows
Ripple recently announced an expanded strategic cooperation with MFS Africa in a tweet. The fintech company dominates the African mobile money market with more than 400 million connected customers and more than 800 payment corridors, all of which are expanding.
“We’re thrilled to announce that our On-Demand Liquidity (ODL) solution is expanding via our partnership with MFS Africa ! Africa holds 70% of the world’s $1T mobile money value, and ODL will further enhance digital payment rails across the continent.”
Swell Global is another event that could have a significant effect on the XRP price. This year’s event will take place from November 16 to 17 in London.