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Ripple’s (XRP) price has ignored the overall decline in the cryptocurrency market with a higher-than-expected move so far. The rally strengthens against the dollar as Altcoin prices continued to fall.
*XRP/USD outlook stays unchanged as topside move halt bears
*There are fundamental factors that supported the token’s rebound to $0.55
*The hashtag “RelistXRP” started trending on Twitter
The market is generally steady in today’s session with mild recovery seen towards the $0.60 upside barrier. Though, movements in other Altcoins are rather subdued. The XRP outlook stays unchanged as topside move halt bears in a corrective pullback from the $0.4440. However there are fundamental factors that supported the token’s rebound to $0.5543, while it is impossible to pin everything on one specific factor, it looks like investors are becoming increasingly wary about the prospects of Ripple (XRP). The market cap stands at $23.93 billion, as calculated from a 45.40 billion free float supply.
Bulls Return to XRP on Fresh Development in Ripple Lawsuit
Fresh development in the SEC v. Ripple Lawsuit has been enough to cause bulls to return to XRP. The number of XRP-related posts on different social media networks surged in Mar. 22. When Attorney Jeremy Hogan stated that the U.S SEC unintentionally implied that exchanges that relist and allow trading of XRP would not violate any guidelines. After this statement, the hashtag “RelistXRP” started trending on Twitter. Santiment’s holder distribution chart also indicated that XRP buying pressure increased significantly since the prior week with a noticeable spike in the number of addresses with millions of dollars in XRP, otherwise known as “whales.”
XRP Daily Chart: Ranging
Technically, buyers continue to pay attention to XRP/USD upside move. In particular, while holding past the moving average (MA 50) resistance for now. Ahead of the much-coveted $0.6 level and firm breach, there will resume a larger rally from $0.44. The price recovers ahead of $0.50 minor support and focus is back on $0.675 temporary top. Firm break there will also resume the larger rise from $0.16 low.
In the long term, the bullish case awaits the lawsuit outcome and if Ripple succeeds, the value of XRP may surge to fresh highs of $0.675, $7, and possibly $10 to $15. If Ripple fails, the value of XRP may plunge beneath the $0.10 low. Presently, the market is optimistic towards Ripple. Consequently, if the bearish onslaught strengthens, there is a danger of a breakout of the psychological level of $0.50 and a pullback to the area of MA 200 at $0.361.
XRP 4-Hour Chart: Ranging
XRP/USD is edging higher again after the rebound off the 4-hour moving average (MA 50) and is approaching the horizontal level at $0.55 which is acting as strong resistance before the $0.60. The momentum indicators are confirming the recent bullish movement. The relative strength index (RSI) is holding past its midline- threshold of 50 and looks ready to tick up.
Alternatively, a dive beneath the MA 50 could meet the $0.50 support ahead of the retracement level of the up leg from $0.44 to $0.55 at $0.53 before slipping to $0.50 level. Steeper losses could see the $0.44 low level, while traders may plunge towards the ascending trendline support and beneath at the $0.40 psychological level. Overall, XRP traders would try to buy into strength as the pair recovers.
Resistance Levels: $0.7000, $0.6000, $0.5500
Support Levels: $0.5000, $0.4440, $0.4000
Image Credit: Tradingview
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