XRP (XRP) is presently trading at $0.6501, down 2.61% on the day. XRP is about to form a bullish double bottom at around $0.6220 on its daily chart. A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. In an interview with Bloomberg, Ripple CEO Brad Garlinghouse said justice is being delayed in the XRP lawsuit “Justice delayed is justice denied. Unfortunately, justice is being delayed hereby continued efforts by the SEC to push things out,”. The top exec says that the SEC has been dragging its feet, accusing the SEC of hiding its notes despite claiming that they are all about disclosure and transparency. He also noted that the Howey Test is being stretched “beyond recognition.” Despite the lengthy lawsuit, Ripple says it’s seeing record-breaking growth outside of the United States.
Key Levels
Resistance Levels: $0.8600, $0.7800, $0.6950
Support Levels: $0.6220, $0.5910, $0.5522
XRP/USD Daily ChartConsolidation continues to dominate the daily chart after hitting a significant wall at the moving average (MA 50) slightly above $0.7800. Before finding major support at $0.6289, XRP lost a considerable portion of its Mar. 28 top of $0.9131. The recovery from the anchor has been slow, with the upside restricted by important resistance at $0.8600. Price activity on the downside was also limited by its horizontal support at $0.6220.
On the other hand, XRP is currently trading beneath the MA 50 resistance level of $0.7800. If XRP returns to break through the MA 50 barrier, it might surge to the moving average (MA 200) resistance at $0.8600. If the surge is able to break the resistance, XRP might be pushed to seek the next barrier the yearly resistance at $0.9150 as the next selling zone, which might halt additional gains.
XRP/USD 4-Hour ChartXRP is in a range trading beneath the MA 50 and MA 200 on the 4-hour chart, indicating that the market is typically slightly downtrending. Traders are looking for the next major directional move once the price is in an undecisive trend under the MA 50 & MA 200. If the XRP/USD pair breaks through the $0.6950 level, it might test the $0.7500 level.
On the downside, a sustained breakout under $0.6220 opens the door to more loss towards the $0.5910 support level. The XRP/USD pair is only positive when it is trading above the $0.7500 level, with important resistance at $0.7800 and $0.8600. Sellers might test the $0.6220 and $0.5910 levels if the XRP/USD pair falls further.
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