XRP remains 7.38% up on the week against the background of other crypto assets, which have been down since the past week. At the time of publication, XRP was changing hands at $0.381, up 1.14% in the last 24 hours. Both the U.S. Securities and Exchange Commission and Ripple Labs submitted applications for summary judgment, contending that the judge presiding over the case had access to sufficient data to render a decision without requiring a trial. In the Southern District of New York, the SEC and Ripple both submitted applications for summary judgment, requesting that District Judge Analisa Torres rule based on the arguments presented in supporting documents. The records were published on Friday on a federal court’s database. In December 2020, one day before former SEC Chair Jay Clayton announced his resignation, the SEC filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and Chairman Chris Larsen over claims that the company had raised more than $1.3 billion by selling XRP in unregistered securities transactions.
Key Levels
Resistance Levels: $0.5500, $0.4700, $0.4100
Support Levels: $0.3750, $0.3600, $0.3300
XRP/USD Daily ChartXRP is consolidating within a narrow trading range centered near the moving average (MA 50) at $0.3550. The XRP/USD pair is up with an attempt to break above the $0.4000 range at the start of the week, reaching highs of $0.3986, but has failed to close above the channel area once more. The relative strength index indicator appears to be rising towards the overbought zone. As a result, a breakout above $0.4000 could push the price close to $0.4700.
Even higher, XRP/USD may pause near the $0.4000 resistance level, ahead of the daily moving average (MA 200) at $0.4900. On the downside, the immediate support level before the MA 50 is in the $0.3700-$0.3600 range, and any breach of this level could lead to a test of the MA 50’s critical support at $0.3550. If this important line is broken, investors may turn their attention to the $0.3330 and yearly low of $0.2875 levels from June, changing the outlook to bearish.
XRP/USD 4-Hour ChartOn the 4-hour chart, the XRP/USD pair is about to form a bullish continuation pattern, and the price is consolidating above the 4-hour moving averages (MA 50 and MA 200). The chart pattern is bullish until the trend starts a consolidation period and ends with a breakout beneath the $0.3550 zone and MA 50 at $0.3535.
On the upside, a close above $0.3923 will push the price toward $0.4000 and then to the key resistance of $0.4700. Alternatively, there is a band of support from the MA 50 near the $0.3535 level for low buyers in case of a retreat. The horizontal support from lows near $0.3300 is the next level below that. Overall, the outlook for XRP/USD remains neutral to bullish.
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