The cryptomarket is dipping slightly as of press time. XRP has ticked higher since Dec. 4 selloff lows of $0.57, finally reaching highs at $0.96 today. At the time of writing, XRP was trading up on the day by 4.38% at $0.87. On Dec. 8, CEOs from six major crypto firms spoke before the U.S. House Financial Services Committee in a session entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” Brian Brooks, CEO of Bitfury cited the example of XRP to highlight the problem with bringing digital or cryptocurrency assets within traditional financial regulatory frameworks, he further adds, “If XRP is security, list it on a US exchange.” The former Coinbase chief legal officer suggests Congress should “let crypto in,” meaning that current legislation should be made more tolerant of crypto. Investors await further reaction to price as XRP barely rebounded 15% to highs of $0.96.
Key Levels
Resistance Levels: $1.1250, $1.5000, $1.0000
Support Levels: $0.8000, $0.7576, $0.6264
XRP/USD Daily ChartXRP has been gradually recovering after dipping to lows of $0.57 on Dec. 4. XRP price is currently seeking to break above the MA 200 at $0.95 which could consequently bolster buying forces towards the MA 50 at $1.06 and $1.38 high. Even higher, the XRP/USD pair could sail towards the $1.76 top and then attempt to overcome the yearly high at $1.98.
The upward slope in the RSI, which is approaching the 50 neutral mark, is an encouraging indication that positive momentum could persist. Failure to breach above the MA 50 may extend consolidation on XRP price. On the downside, a close below the $0.57 low could power selling pressures towards the $0.479 level.
XRP/USD 4-Hour ChartXRP has been trading within a triangle range in the past weeks. Having stepped on the MA 50 in the last 4-hour sessions, XRP price is currently looking for the opportunity to break the surface of the triangle formation at $0.96. Thus, a break above the $0.96 level could drive the price straight up to the $1.04 level, where the flat moving MA 200 is located.
A climb above here could unleash the next bullish action towards the $1.34 and $1.43 barrier. Alternatively, a close below the triangle near $0.57 could power selling pressures towards the $0.48 level. All in all, traders appear to be indecisive on the XRP/USD pair, waiting for a move above or below the triangle to adjust their exposure accordingly.
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