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With the Ripple (XRP) price edging higher and no sign of slowing, buyers remain on XRP/USD searching for the next price zone to fit the non-descript price action. XRP at the time of writing remains 11% higher weekly despite a drop since its Lawsuit.
*Pivot level in XRP will continue to be around the $0.5 zone
*XRP/USD price stays in the range-trading mode
*Permission granted to file a motion to intervene in the case on behalf of XRP holders
The key psychological pivot level in XRP will continue to be around the $0.5 zone, and potential buyers will likely wait for a confirmed move higher before being tempted into building long positions above this level. XRP/USD price stays in range-trading mode, as evidenced by the market, and another fall beneath the $0.55 level could spark more vigorous buying action. In its attempt to recover recent highs, range compression suggests that a directional move is imminent.
Permission To File a Motion To Intervene Granted Holders
The Securities and Exchange Commission (SEC) and Ripple Labs are currently engaged in a legal dispute. Judge Analisa Torres permitted Attorney Deaton to file a motion to intervene in the case on behalf of XRP holders, as per the court order. According to Judge Torres’s decision, a motion to intervene must be submitted no later than April 19. By May 3, the SEC will be able to file its opposition documents.
XRP Daily Chart: Ranging
A strong risk-averse environment due to an escalation in disputes between SEC and Ripple Labs could see XRP/USD surpassing the $0.8290 high of Nov. 2020, with uncertainty and positive market headlines pushing the token towards $0.5968 level. If it successfully climbs above the $0.6750 barrier more upside should be seen with resistance at $0.7707 and $0.8290 Nov 2020 high levels will be in sight.
The key psychological pivot level in XRP prices will continue to be around the $0.50 level, and potential buyers will likely wait for a confirmed move higher before being tempted into building long positions above this level. For as long as it stays below the $0.55 level, the low range seen since Dec. 2020 between $0.1686 low and $0.7707 Feb. 2021 can continue.
XRP/USD 4-Hour Chart: Ranging
The technical picture for XRP/USD continues to hint that momentum is rising in the near term, with downside risks fading. Notably, the token continues to be bought, even at lows, hinting that it is likely to be more resilient in the near term. With risk sentiment generally positive, the price has moved directly higher, rising 5% to $0.59 in 24 hours.
If selling interest returns, initial floors could form from the nearby support band of the moving average (MA 50) at $0.555 and near term horizontal support level at $0.550 formed back in Mar. 2021. However, breaching this barrier may bolster downward pressures. The XRP/USD pair is only bullish while trading above the $0.55 level, If the XRP/USD pair trades below the $0.550 level, sellers may test the $0.50 and $0.44 levels.
Resistance Levels: $0.8290, $0.7707, $0.6000
Support Levels: $0.5000, $0.4440, $0.4000
Image Credit: Tradingview
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