Where is XRP headed after Ripple’s big win?

Ripple’s latest win has pushed XRP onto the bullish trajectory for the past 24 hours. The federal judge ruled that Ripple could insist on fair notice, as it has a full right to do so. This meant that Ripple’s central arguments against the US Securities and Exchange were validated by the court in the ruling against the SEC’s motion.

Judge Analisa Torres, refused SECs motion to prevent Ripple from using the “Fair Notice Defense”. Ripple had long expressed concern about it, stating that SEC hadn’t warned them enough that it viewed XRP as a security.

Following this news, XRP moved north and attempted to topple its immediate resistance from a price level of $0.76. In the past 24 hours, XRP registered close to 15% gains and traded near $0.84. Currently, XRP is sideways in the charts, showing range-bound price action at the time of writing. However, in the past week, XRP continued to make gains as the currency appreciated by 6%.

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XRP Price Analysis: Four Hour Chart

Image source: Trading Display XRP/USD

XRP was trading at $0.76 at the time of writing. Despite a huge price increase, the coin had fallen slightly in the past 24 hours. It lost about 2.2% of its value in the past day. The coin has moved sideways during the immediate past trading sessions.

The currency’s overhead resistance was $0.80, and despite a slight decline, the currency managed to stay above $0.76. The aforementioned price resistance has long been present for the coin.

On the downside, the support area for XRP stretched from $0.74-$0.71. In the event that XRP rises again and manages to cross the $0.80 price, the coin may see a solid resistance at $0.85. XRP hasn’t gotten past that point in over a month.

From a technical standpoint, it looks like the bears have not completely given up their momentum and continued pressure from sellers could cause XRP to fall below the immediate support level.

Technical indicators

Trading volume also declined significantly in the past 24 hours. According to the 4 hour chart, the volume of the traded token was much lower compared to the previous trading session.

On the other hand, the bar closed in the green, meaning buyers could quickly resurface. However, it is not enough to conclude whether XRP gained momentum.

On the 20-SMA, prices were spotted below the 20-SMA line. This reading means that sellers have gained momentum and the price movement is being dictated by the sellers.

The Relative Strength Index was in line with the other indicators, with the indicator showing below the half-line. This marked bearish pressure as selling power preceded buying power in the market.

The MACD indicator is known to determine the current price momentum. The indicator noted a bearish crossover at the time of writing followed by the presence of red histograms. MACD crossed below its zero line, which is a sign of bearish pressure.

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