XRP (XRP) continues to trade in a range. At the time of publication, XRP was changing hands at $0.329, marginally down in the last 24 hours. According to Cryptolaw founder, John Deaton, over $15 billion was lost because the SEC intentionally chose not to limit the allegations against Ripple to specific sales made by Ripple and its executives but instead alleged all XRP, including secondary market sales of XRP, are unregistered securities. He further referred to Ripple CEO Brad Garlinghouse’s comments, who said Ripple will ultimately spend $100 million on legal fees. Deaton was responding to Messari CEO Ryan Selkis’s comments saying that $1 billion was lost to crypto fraud last year and another $7 billion had been lost due to SEC’s refusal to approve a spot ETF at the expense of Grayscale investors. This question of currency or security is at the heart of SEC v. Ripple and the status of the digital currency XRP.
Key Levels
Resistance Levels: $0.4700, $0.4100, $0.3600
Support Levels: $0.3300, $0.2875, $0.2134
XRP/USD Daily ChartRecently, the XRP/USD continues to trade above the yearly low of $0.2875. In spite of the upside resistance barrier at level $0.3585 softening, it’s yet to break through several near-term resistance zones. If the XRP consolidates over the recent low, the technical perspective might indicate a continuation of the rebound.
Now, $0.3300 might continue to serve as the primary support level. The XRP/USD could return to the range of $0.3600–$0.4700 if it breaks above the daily moving average (MA 50) at $0.3585, but there is a danger that it might swing south. In either case, the trend may continue to be bearish if a rebound fails to break through the resistance level of $0.3585.
XRP/USD 4-Hour ChartThe resistance posed by the 4-hour moving average (MA 50) at $0.3375 needs to be addressed by the XRP/USD pair as traders reattempt to establish a bullish continuation to the $0.3585 level and $0.3923 handles. Furthermore, despite the prior tendency to the downside, it’s still unclear whether the pair will be able to pass the $0.3750 level of resistance.
On the other hand, bears might continue to exert pressure while driving prices below $0.3300 and $0.3200. And the retest of the $0.2875 yearly support level might occur in the event that the minor support level at $0.3200 is broken. On the upside, the $0.3750-level break will instead restart a broader uptrend.
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