XRP price continues the uptrend amid the major cryptos experience free fall shedding profits with a large margin
Positive sentiments pour into the Ripple ecosystem, with a couple of productive news rolling out
The XRP price remained indecisive after experiencing losses for two consecutive weeks. However, the price flipped the previous resistance levels into support levels and is trading within the same levels at the press time.
Despite the major crypto assets space continue to plunge after a narrow trend in the previous working day, XRP managed to record some green candles to continue the uptrend. However, the bull run was initiated a couple of days before, which was accelerated since the early trading hours.
Moreover, the rounds of Ripple’s executive chairman Chris Larsen filing against SEC charges and Ripple Labs announcing a private ledger for Central banks to launch CBDC’s has added up to the surge of XRP price.
However, Ripple’s XRP appears to have kept surging despite the SEC lawsuit as the XRP community believes the SEC’s case against Ripple maybe not that strong to withstand. Therefore the XRP price rally may push the asset to the first place dethroning Bitcoin as per analysts CryptoBull2020.
XRP Price Analysis
The end of the previous month was a blood bath in the crypto space with the majority of the token experienced a slump. After a monthly close below $0.4 levels, the price surged more than 11% to hit the levels around $0.46.
After a magnificent rally of more than 7% on the previous working day, it continued to add another 4% to its gains since the early trading hours. XRP had broken the resistance level at $0.4683 and later at $0.4872 followed by a slight correction to current levels.
XRP left the major support and resistance levels untested, yet poised to head towards the upper resistance level very soon. At the time of writing, the XRP price is $0.4623 with a jump of 4.02% in the past 24 hours.
Currently, it mandatory for the price to head above $0.47 levels and hold on strongly to test the next resistance levels else a fall may drag the price back below $0.45.
- The resistance levels stand at $0.4959 and later above $0.5
- The support levels stand at $0.4457
- The technical indicators for XRP price are neutral