XRP (XRP) is trading within a tight price range, suggestive of incoming price movement. At the time of publication, XRP was posting lower losses than the rest of the market, trading down 1.34% at $0.375. More cryptocurrency exchanges are expanding XRP support with the listing of new pairs. Over the weekend, Pantera-backed south African crypto exchange VALR announced it would list an XRP/USDC pair. The Estonian exchange, P2PB2B has also announced the listing of XRP. In recent updates in the Ripple SEC lawsuit, “In a Text Only Order, Judge Netburn granted the Ripple Defendants’ Motion to Serve Two Subpoenas to Authenticate Videos of seven SEC officials’ public remarks and ignored the SEC’s claim that Defendants were trying to reopen fact discovery.”
Key Levels
Resistance Levels: $0.5500, $0.4700, $0.4100
Support Levels: $0.3585, $0.3330, $0.3000
XRP/USD Daily ChartOn Monday, XRP eased a little bit, but it is currently trading within last week’s range. The technical indicators continue to show some market caution, and the relative strength index (RSI) has flattened in the mid zone. Sellers may encounter additional downside resistance at the $0.3550 at daily MA 50 if they drive the price below the $0.3750 consolidation floor.
In contrast, initial strong resistance could form at the horizontal resistance at $0.4100 if buyers manage to gain traction from the MA 50 at $0.3550. By overcoming this, the price could reach the $0.5600 threshold before reaching the $0.9140 yearly high. If the upward trend continues, the bulls may target the $1 range.
XRP/USD 4-Hour ChartAt $0.3750, XRP is firmly established within a consolidation range beneath the 4-hour MA 50. The 4-hour MA 200 at $0.3650 is preventing further declines. Before taking the bears even lower toward the $0.3300 level a leg lower could meet the $0.3650-$0.3500 support range. As an alternative, the MA 50 ($0.3750) serves as a strong barrier that restricts the upside.
A break of this barrier and the nearby $0.3923 barrier is required to generate a stronger bullish signal for the extension of the recovery, should one occur. Above these levels, the $0.4100 ceiling, as well as the $0.9140 yearly high, may come into focus. In conclusion, the outlook is neutral to negative because prices continue to trade below moving averages.
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