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XRP Bears Target a Return to Sub-$0.38 on Binance and US CPI Jitters

Cory Russell

Dec 13, 2022 15:38

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XRP was back in the red this morning after a NASDAQ Index-driven recovery on Monday as investors awaited information on Binance ahead of the CPI Report.


XRP increased on Monday by 1.44%. XRP finished the day at $0.3868, reversing a loss of 1.35% from the previous day. For the third session in a row, the price of XRP was below $0.39.


XRP experienced a negative start to the day, dropping to an early morning low of $0.3711. At $0.3768 and $0.3724, respectively, the First Major Support Level (S1) and Second Major Support Level (S2) were breached by XRP. However, XRP increased to a late high of $0.38967 after receiving support from a wider market. Before falling back to close the day at less than $0.3870, XRP broke through the First Major Resistance Level (R1) at $0.3872.

A bullish XRP session is delivered by Binance and the NASDAQ Index

Investors were not diverted from the cryptocurrency news wires by updates in the SEC v. Ripple lawsuit, which is still pending.


Investor mood was affected by reports of anomalous behavior on the Binance exchange and a Reuters report that US authorities planned to press charges for financial offences.


Prior to today's US CPI Report, the NASDAQ Index provided much-needed support. Through the afternoon session, demand for riskier assets was driven by expectations of lower inflation numbers and a Fed shift.


The US CPI Report and the NASDAQ Index will serve as today's primary sources of guidance because the SEC v. Ripple case has not yet produced any new developments. Investor concerns following Monday's optimism may put buyer interest to the test before today's data.


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