Bullish expectations are rising as Ripple CEO Brad Garlinghouse states that he is confident that Ripple will come out well as its lengthy court battle with the U.S. SEC nears its end. XRP price is yet to conform to the positive expectations, trading down just like the rest of the cryptocurrency market. At the time of publication, XRP was changing hands at $0.711, down 1% in the last 24 hours. The San Francisco-based start-up is fighting the SEC over allegations that Ripple, Garlinghouse and executive chairman Chris Larsen engaged in illegal securities offering through sales of XRP. “The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago, ”Garlinghouse said at a CNBC-hosted fireside chat at the Paris Blockchain Week Summit Thursday. “But the wheels of justice move slowly.”
Key Levels
Resistance Levels: $0.8200, $0.7800, $0.7500
Support Levels: $0.6950, $0.6220, $0.5910
XRP/USD recouped most of the earlier losses after stepping on the support at $0.68. Price rose to intraday highs at $0.741 before a subsequent decline. Since the prior week, bullish actions have been limited as the MA 50 prevented any increases above $0.7852. This line continues to block the way higher so far on Thursday, questioning the upside reversal in the RSI.
The RSI remains below the 50 neutral mark, feeding some caution as well. For now, a decisive move above 0.7852 and, more importantly, an extension above the $0.87 is required to boost the price towards the $1 mark. In the negative scenario, where the MA 50 fortifies selling tendencies, the spotlight will shift back to the $0.62 level.
XRP/USD 4-Hour ChartOn the 4-hour chart, XRP came within a whisker of breaking the MA 500 at $0.7425, achieving highs of $0.7414. The lower time frame RSI indicates that the market is likely to sustain ranging momentum as long as it returns above the neutral threshold of 50. On the upside, the price may try to break through the $0.7500 resistance level, which, if overcome, could lead to the $0.7800 level.
If traders keep buying the asset above this level, resistance might form in the $0.8200 -$0.8600 range, ahead of the $0.9131 highs in March 2022. A reversal to the downside, however, could find immediate support near the horizontal support at $0.6950. If this fails to stop the negative trend, the $0.6220-$0.5910 zone could be the next target.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
