In line with the general market rise, XRP saw another large daily candle after rebounding from the $0.70 level on Feb. 28. XRP furthered its climb to reach intraday highs of $0.80 on Feb. 28 before a slight retreat. XRP presently trades at $0.769. Attorney Jeremy Hogan has recently shared a document outlining a few rules that the SEC and Ripple might follow, including a face to face or video conferencing to discuss settlement within 14 days after the close of fact discovery. The XRP community-friendly attorney added that his best guess for this remains April or May. The last settlement discussion, which happened a couple of months ago, wasn’t successful and the next most likely settlement time would be at mediation, he stated. Hogan notes that Judge Sarah Netburn, who has seen all of the documents in camera, hosting the mediation might work to Ripple’s advantage.
Key Levels
Resistance Levels: $0.9150, $0.8600, $0.8200
Support Levels: $0.7500, $0.6950, $0.6220
XRP/USD Daily ChartXRP is consolidating slightly beneath its latest high of $0.8042 after renewed positive traction from its recent $0.6220 trough. The moving average (MA 50) is safeguarding the recent rebound in the cross-border token. If bullish pressures strengthen, resistance could commence around the $0.8200 nearby horizontal level.
However, if the rebound scenario persists, buyers may then meet the moving average (MA 200) $0.9550 resistance band before confronting the September 2021 high of $1.4357. Alternatively, if the positive forces continue to wane, prompt support could transpire from the MA 50 at $0.7250. Slipping further, the $0.7200 could delay the test of the recent floor.
XRP/USD 4-Hour ChartOn the 4-hour chart, the XRP/USD pair recently reversed up from the key support level at $0.6220 (which has been reversing the low from the end of February). The rebound above $0.7500 has prompted some buyers to take profit, easing the upward pressure. The pair can be expected to surge further soon toward the next resistance level at $0.8200.
Meanwhile, XRP price action might initially head toward support which sits on the short-term moving average (MA 50& MA 200). Following this, a surge in momentum could be expected in this area of interest. A bullish breakout could boost sentiment in the short term and extend gains to $0.8600.
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