The ongoing Ripple vs SEC case is no doubt outspread huge outrage within the crypto space. A new update surfaces every new day and hence pointing towards the closure of the case very soon. And hence many anticipate Ripple would ultimately come out victorious which may assist the XRP price to hit new highs.
At present, XRP price faced yet another short-term rejection at $1.1 after declining from $1.2 levels in the past couple of days. The bears appear well in place and attempt hard to drag the price below $1. And they may be however successful if in case the asset fails to sustain around the local support levels.
Also Read: More Gains Ahead for XRP? On-Chain Metrics Hint at Bullish Run
Currently, the price is cementing on the 200-day MA support levels and a strong bounce from here could prevent further drain. However, the 100-day MA is around $1.09423 which is acting as the local support zone. The price at the press time has successfully bounced off from these zones to regain positions above $1.1.
The daily close above the 100-day MA and later at $50-day MA could validate a substantial uptrend. However, till then the XRP price could coil up around a similar area until a major push could uplift the price. Considering the long term statistics, the indicators point out towards a massive rally ahead.
The RSI and MACD both are currently bearish but the past movements suggest a gigantic rally whenever MACD & signal lines cross each other. In a 2-week chart, after this event, the price has jumped drastically. And current the pattern is about to witness a similar event again. And hence a gigantic move above $5 could be on the horizon.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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