XRP (XRP), the sixth largest crypto asset, was outperforming the top ten cryptocurrencies in terms of daily gains, as it is up 5.12% at $0.3762. According to a recent CoinShares report, despite $9.7 million flowing out of digital asset investment products last week, investors put $3 million into XRP. Only authorized investors, who must meet certain income standards as per the SEC, are permitted access to these products. CoinShares gives a probable reason for this: “The improving clarity on its legal case with the SEC can be seen as increasingly favorable for XRP by the investment community.” As stated in a new year’s insight report, Ripple General Counsel Stu Alderoty predicts the judge’s ruling in Ripple’s ongoing case with the SEC will come in the first half of 2023 and that it will be in Ripple’s favor. He thinks this will be the catalyst required to propel the U.S. cryptocurrency industry ahead and prevent companies from offshoring their crypto operations.
Key Levels
Resistance Levels: $0.4400, $0.4200, $0.3923
Support Levels: $0.3750, $0.3400, $0.3130
XRP/USD Daily ChartXRP continues rising today following a bounce from the MA 50 at $0.3700 and a five-day positive streak. On the daily timeframe, the fall to lows of $0.2996 on January 2 paved the way for a positive structure. The RSI is rising toward the overbought level of 80. If the bulls maintain control, the price is poised to breach the $MA 200 barrier before reaching the level at $0.3923.
After clearing this significant barrier, the XRP/USD pair may target the $0.4200 level before advancing to the $0.4400 level and the $0.4700 convergence zone set in the 4th quarter of 2022. Otherwise, a drop below the MA 50 might push the bulls toward the $0.3400 critical zone, where the bears could continue their downward trend.
XRP/USD 4-Hour ChartXRP has so far rallied off lows of $0.3000 and past the 4-hour moving averages (MA 50 and MA 200) near $0.3500, but investors will need more bullish evidence before committing again. Buyers might face early resistance from the $0.3923 handle after breaking through the $0.3800 handle. While crossing this significant boundary, the XRP/USD pair may aim for the $0.4000 level before resuming its descent toward the $0.3750 level.
If buyers win more ground, the bulls may revisit the $0.4400 resistance zone until it hits $0.5000. If sellers re-emerge and drive the price down, the short-term MA 50 around $0.3500 could provide early limits ahead of the $0.3000 low region. To summarize, XRP/USD looks to be bullishly biased between $0.3500 and $0.3700.
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