XRP (XRP) rose broadly alongside the rest of the cryptomarket on Mar. 9, reaching intraday highs of $0.7755. At the time of publication, XRP was trading at $0.7626, up 5.50% over the last 24 hours. Ripple CEO, Brad Garlinghouse in recent tweets reacted to the recently signed President Joe Biden’s Executive Order (EO). The top exec expresses delight at the fact that the executive order acknowledges the ”need” for evolution and alignment of the government’s approach to crypto. The Ripple CEO says the EO might be an affirmation that crypto is here to stay. He maintains that although thoughtful policy involves timely input from players, this might seem like a turning point for crypto. The CEO further states that the US needs to provide a clear regulatory framework for an industry that’s exploding in growth (40 million Americans and counting) as Ripple stands ready to educate and assist.
Key Levels
Resistance Levels: $0.9150, $0.8600, $0.8000
Support Levels: $0.6950, $0.6220, $0.5910
XRP/USD Daily ChartAfter more than a 6 percent increase in 24 hours, XRP remained in consolidation on Mar. 9. Although the day’s rally to $0.7755 highs has retraced at the time of this post below $0.7600, where the bulls are currently consolidating. The relative strength index (RSI) momentum is ranging near the 50 neutral levels, indicating that there will be more consolidation.
A sustained move above today’s high of $0.7755 would pave the way for a move towards a Feb. 9 high of $0.9163. A strong breach of the resistance level will suggest additional gains and reveal objectives ahead of the psychological $1 level. Above the $0.6950, the daily MA 50 creates strong support, which is seen to safeguard the downside.
XRP/USD 4-Hour ChartOn the 4-hour chart, the XRP/USD attempts to stabilize above the MA 200 ($0.7665) have been truncated. In the previous 4 hours, XRP had hit an intraday high of $0.7755, with the MA 200 flattening to form a floor for the bullish run. However, the bullish momentum, on the other hand, lacks the required volume for new upside efforts above the MA 200.
To confirm a bullish posture, a daily close above the MA 200 ($0.7665) is required, with dip-buying continuing to be preferred above $0.7500. A continuous fall beneath the 4-hour MA 200 and the more critical moving average (MA 50) support at $0.7455 on the downside would trigger a bearish signal and risk a further retreat to $0.6950.
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