The crypto markets are pretty steady on Wednesday after coming under significant downside pressure earlier in the week. XRP has bounced back sharply after bulls stepped in from the $1.05 support on Aug.18. At the time of writing, XRP was trading at $1.120, up 8.62% on the day. Ranking 6th largest, XRP present market capitalization stands at $54.3 billion and $7.91 billion in traded volume over 24 hours. The SEC-Ripple lawsuit is still ongoing with the agency filing its response to Ripple’s challenge of improper assertion of the Deliberative Process and other privileges. Also relating to the lawsuit, government watchdog Empower Oversight has requested internal documents from the U.S. SEC on cryptocurrency that potentially indicate conflicts of interest at the commission involving former high-level officials.
Key Levels
Resistance Levels: $1.4000, $1.3000, $1.2000
Support Levels: $1.0500, $0.9206, $0.7707
XRP/USD Daily ChartXRP restored the positive momentum on Wednesday, trading near the $1.20 level after stepping on the $1.04 support. While some stabilization cannot be ruled out, the price could soon resume upside direction as the RSI is slightly pointing up in the bullish area. If the bulls can rally the XRP/USD pair back above the $1.20 barrier, then further upside towards the $1.35 and $1.76 areas is increasingly likely.
Overall, the $1.98 barrier coinciding with the yearly high remains the main upside objective of the XRP/USD bulls. On the contrary, A step below today’s low of $1.04 could last until the price enters the $0.743-$0.833 area, defined by the daily MA 50 and 200. A break lower would shift the short-term outlook to negative and neutral respectively, bringing the $0.59 and the $0.47 levels next into view.
XRP/USD 4-Hour ChartXRP is striving to extend above the curbing boundary of the $1.18 level after buyers re-emerged around $1.04.The technical oscillators are transmitting mixed signals in directional momentum, while the RSI has bounced off the 30 oversold levels. Should the price close above $1.20, the bulls should also breach the $1.35 level to extend the rally towards the $1.80 and then up to the $1.98 yearly peak. Otherwise, a downside reversal could see the retest of the $1.109 level coinciding with the MA 50.
Failure to hold above this area could trigger fresh selling towards the $1.05 and the $0.97 levels, where any violation would cause a retest towards the MA 200 at $0.785. Summing up, XRP/USD is currently attempting to recoup some lost ground, but the upside correction could be fragile. A rally above $1.20 could bring new buyers into the market, while a close below $1.109 could raise selling interest.
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