XRP (XRP) was trading up more than 1% in the last 24 hours. The current price of XRP is $0.3681 and it ranks as the sixth largest cryptocurrency per coinmarketcap. Several signals may indicate that the XRP price is preparing for an imminent move. The United States Securities and Exchange Commission has requested permission from Magistrate Judge Sarah Netburn to submit a 30-page opening brief and a 10-page reply brief in support of the agency’s challenges to the court’s orders requiring the disclosure of drafts of the infamous Willian Hinman speech. The former director said in the 2018 speech that Ethereum was not a security, but the SEC has continually refused to release communications about the event. The SEC initially tried to claim that the emails were shielded by the deliberate process privilege (DPP), but it was unsuccessful.
Key Levels
Resistance Levels: $0.4700, $0.4000, $0.3750
Support Levels: $0.3330, $0.2875, $0.2500
XRP/USD Daily ChartOn the daily chart, it can be observed that the price of XRP/USD has increased for 7 days in a row due to investors’ increased appetite for risk. Following the consolidation near the $0.3550 support level, it quickly began to rise. On Wednesday, the price reached a one-month high at the $0.3820 level after breaking above the upper bounds of the daily moving averages (MA50).
According to momentum indicators, bullish pressures could be in control shortly. The RSI has crossed 60 points and is quickly advancing into positive territory. The high hurdle of $0.0400 may stop the increasing trend if the price rises above $0.3750. On the other hand, a prospective slump would probably look for support around $0.3330.
XRP/USD 4-Hour ChartFollowing the end of its short-term decline at the $0.3100 level on the 4-hour chart, the XRP/USD is attempting to fully recover. The cross-border token has already recovered from recent losses and is back at levels from June 2022, but an upward move may run into some resistance close to $0.400.
Conversely, bearish swings may find initial support at the 4-hour moving average, or $0.3330 (MA 200). The price could drop to $0.3000 if it breaches this level. If the support is overcome, attention can shift to $0.2875 for psychological support. Overall, the price of XRP is rising, and its short-term outlook won’t change until it falls below $0.3330.
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