Highlights
The cryptocurrency market is picking up pace gradually after recording bearish losses in the prior week. XRP price resumes the upward climb on Monday, reaching intraday highs of $1.32. XRP price has been on a descent since Apr. 14 shortly after attaining highs of $1.98. The downward move intensified after SEC accused Ripple of trying to “harass” the agency. However, the bears’ trip was cut short after XRP hit support at $0.93 to trade higher. XRP is presently exchanging hands at $1.29, up by 14% in the last 24 hours. Ranking 4th largest, XRP has a present market cap of $56.26 billion and $13.49 billion in trade volume over the last 24 hours. In a fresh twist to the ongoing lawsuit, SEC claims that Ripple did not disclose vital data to enable the agency to determine whether it committed the securities violations. This is coming after some XRP transfers offshore were found. Ripple however maintains not having this data, leaving the only avenue for investigation offshore.
Key Levels
Resistance Levels: $1.8500, $1.6000, $1.4000
Support Levels: $0.9316, $0.8450, $0.7707
XRP/USD Daily ChartAfter nearly two weeks of decline, XRP resumed the climb from the $0.93 support on Apr. 25. The RSI is indicating a pick-up in positive momentum, with a slight tilt upwards at the mid 50 reading. A decisive close above today’s high of $1.32 may propel XRP upwards to $1.42. A further pile-up of buy orders could propel XRP to $1.50 and then $1.90.
On the contrary, if XRP investors decide to sell on rallies, failing to produce a decisive close above $1.30, an extended consolidation could ensue. Further declines may cause a retest of support at $0.93 ahead of the $0.86 support at the MA 50. Increased selling pressure may cause XRP price to tap the buyer congestion at $0.77 and $0.68 before the MA 200 support at $0.50.
XRP/USD 4-Hour ChartXRP climbed above the MA 50 barrier cap at $1.23 in attempts to boost positive momentum, the RSI is affirming a positive outlook while hovering near 60. Creeping higher, XRP bulls may face constrictions from the $1.54 and the $1.76 highs. If XRP price overtakes the $1.76 high, it could then challenge the $1.89 resistance ahead of the yearly high at $1.98.
On the contrary, the XRP rebound lost momentum on Apr. 19 after failing to break through MA 50 cap. In case XRP price declines to return trading below the MA 50 at $1.23, consolidation may be seen first before a likely retest of support at $1.03 (MA 200). A break of this support would likely extend the decline to $0.92 and $0.87 low. Overall, a sustained break above the MA 50 or below the MA 200 may set the marks for further bullish or bearish action.
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