XRP is presently consolidating in a tight range, forming a basis for its next move. At the time of publication, XRP was changing hands at $0.3417, down 1.57% on the day. The possible outcome of the Ripple SEC action was recently predicted by Brian Brooks, the CEO of Bitfury and former CEO of Binance US. In a recent interview, Brian Brooks stated that the court is in a position to determine whether Ripple’s 2013 Initial Coin Offering (ICO) qualified as security. As Brooks noted, how XRP is used today, not how it was utilized ten years ago, will decide its status. According to the SEC, he claimed, assets can evolve to become more useful and decentralized. Brooks stated during the conversion that a settlement might be the last option for both parties to allow investors to carry on trading XRP as usual in the US.
Key Levels
Resistance Levels: $0.4700, $0.4100, $0.3750
Support Levels: $0.3300, $0.2875, $0.2500
XRP/USD Daily ChartThe XRP/USD pair has continued to consolidate above the $0.3300 level this week. In the meantime, XRP/USD might encounter a strengthened resistance at the daily moving average (MA 50) close to the $0.3584 level, leading to new range trading. XRP resumes trading on Monday after a few days of drifting, posting moderate gains against the bears.
The first indication of a medium-to-long-term bottoming out will be an upside violation of the $0.3923 resistance level. As a result, barring any significant follow-through buying, prices may rise above the prior week’s swing high, maybe to levels around $0.4100. Having said that, if the price can climb higher, it might test the $0.4700 level from May.
XRP/USD 4-Hour ChartThe intraday bias is neutral as XRP/USD continues its consolidation pattern from its most recent low of $0.3313. A violation of the $0.3300 horizontal support will reopen a deeper downward slump. The pair climbed to break the high of $0.3923 in August. Above this, the more important July high of $0.4100 is located, and on the initial test, the market might hold it.
Additionally, the rebound would proceed in the direction of the subsequent level of $0.3584 to $0.3700 levels if the $0.3300 support level is maintained. On the other hand, if the price breaks down below the immediate support line at $0.3300, it may pause near the $0.3200 level before attempting to attack the year’s start bottom near the $0.2875 level.
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