The cryptocurrency market, including XRP, is presently experiencing profit-taking, as investors pulled gains after days of bullish action. At the time of publication, XRP traded at $0.8282, down 2.04% in the last 24 hours and 4.06% in the past week. In recent updates to the Ripple case, James K. Filan shares that Ripple Individual Defendants’ request for extension of time to file their Answers has been granted in a Text Only Order. The Individual Defendants’ answers are due no later than April 8, 2022. Earlier, Ripple Defendants, Brad Garlinghouse and Chris Larsen filed a Motion for Extension of Time, until April 8, 2022, to file their Answers to the SEC’s First Amended Complaint. On the part of the regulator, SEC has filed a motion, asking the court’s permission to redact some of the notes from its meetings with third parties.
Key Levels
Resistance Levels: $1.000, $0.9150, $0.8600
Support Levels: $0.8200, $0.7800, $0.7500
XRP/USD Daily ChartAt the $0.6220 low in late February, XRP (XRP) found solid support. Since then, the XRP/USD pair has been trading higher, surpassing the moving average (MA 50). The bullish crossing of the MA 50, as well as the relative strength index (RSI) above midline 50, support a consolidation outlook, therefore a trend continuation cannot be ruled out.
If the price continues to rise in the next sessions, the next resistance level might be the $0.8674 high. The continuation of the near-term uptrend would be bolstered by clearing this barrier, paving the way for the $0.9150 and $1.0 levels. On the other hand, if upward momentum fades, the price may fall towards the MA 50 zone at $0.7800, which has previously served as both support and resistance.
XRP/USD 4-Hour ChartSince it found good support at $0.6220, the price of XRP/USD has been rising along its ascending trendline on the 4-hour chart. However, after its recent advance came to a standstill around the $0.8674 medium-term high, the pair has been losing strength. Because the price is trading above the moving average (MA 50), its immediate bias appears to be neutral, although somewhat bullish.
If the selling pressure continues, XRP might breach the support at $0.8200, just ahead of the MA 200 at $0.7670. Alternatively, if the bulls retake control, the initial hurdle at $0.8600 could be breached. The $0.9150 and $0.10 levels could be the next hurdle for buyers higher up. Since late February, XRP has been trending upwards. Despite recent losses, only a clear move below the $0.8200 level would alter the short-term outlook to negative.
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