XRP Price Analysis: XRP Prepares for Major Move as Next Few Months Might Get Interesting for Ripple Lawsuit

• XRP price has been trading a bit sideways these past few days
• At the time of publication, XRP was trading at $0.64, up 6.68% in the last 24 hours
• Attorney Jeremy Hogan believes the next couple of months might be interesting in the ongoing Ripple-SEC lawsuit

The price of XRP has been drifting sideways over the last several days as investors and market participants awaited proof that markets were ready to shake off the negative effects of January. Apart from the tailwind spillover from the larger markets, XRP bulls have some more elements in their corner for creating a case to start an uptrend. At the time of publication, XRP was trading at $0.63, up 6.68% in the last 24 hours and 5.81% over the past week. Attorney Jeremy Hogan believes the next couple of months might be interesting in the ongoing Ripple-SEC lawsuit, with all the major rulings that are being teed up. Defense counsel James K.Filan had earlier notified the XRP community of the latest ruling in which Judge Torres ordered three documents unsealed—related to the emails and legal memos of Chris Larsen and Brad Garlinghouse.

Key Levels
Resistance Levels: $0.8200, $0.7500, $0.6950
Support Levels: $0.5910, $0.5141, $0.4799

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

The recent rebound from the prior day’s lows of $0.58 has pushed XRP price to highs of $0.63 on Feb. 4 as the entire crypto market recovers. Regarding the technical indicators, the RSI indicator is pointing slightly upwards as it drifts further away from the oversold area.

If the pair overcomes the $0.65 level, the next stop could be at the MA 50 at $0.764 before the rally finds the next barrier above the MA 200 at $0.76. On the flip side, in case of downside corrections, immediate support could come from the $0.58 level. Also, the $0.55 level could attract traders’ attention, which is standing around the minor ascending trend line support.

XRP/USD 4-Hour Chart: Ranging

XRP is presently consolidating in a tight range around the 4-hour MA 50 at $0.61. A bullish breakout above $0.63 may send XRP towards the MA 200 at $0.70, where XRP price may face the next barrier. Maintaining the upside trajectory, resistance may originate from the $0.96-$1.05 boundary.

If additional gains unfold, the price could then propel towards the $1.35 barrier before the bulls challenge the $1.48-$1.76 resistance band. On the downside, $0.60 is fresh support. To summarize, a break above $0.65 may boost the existing rally, while a dip beneath $0.55 could feed negative tendencies.

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