Ripple’s latest victory pushed XRP on the bullish trajectory in the past 24 hours. Ripple can push for fair notice, which it has the right to. This meant that Ripple’s central arguments against the U.S Securities and Exchange were validated by the court in the ruling against SEC’s motion.
Judge Analisa Torres, denied SEC’s motion to stop Ripple from using the “Fair Notice Defense”. Ripple for the longest time had expressed concerns over the same by stating that SEC hadn’t given them enough notice that it considered XRP to be a security.
XRP moved northward after this announcement and tried to overcome its immediate resistance at $0.76. XRP traded near $0.84 and has experienced a gain of close to 15% in the last 24 hour. Currently, XRP trades in the sideways position on its charts. It is currently showing range-bound price movement at the time this article was written. XRP gained 6% over the week.
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Four-hour Chart: XRP Price Analysis
At the time of writing, $0.76 was being traded for XRP. Although prices have been on the rise, they had shown a slight decline in value over the past 24 hours. The coin lost 2.2% over the last day. Over the past two trading sessions, it was observed moving in a sideways motion.
The coin’s overhead resistance was $0.80. However, the coin managed to maintain its $0.76 mark despite a small fall. This coin has had a price resistance that is long-standing.
On the other hand, the support area for XRP ranged from $0.74 to $0.71. The coin might face resistance at $0.85 if it surges once again to surpass the $0.80 price point. XRP hasn’t gotten past that point in over a month.
The technical outlook suggests that the bears are not giving up on their momentum. Continued pressure from sellers could lead to XRP falling below its support level.
Technical Indicators
In the 24 hour period, trading volume saw a notable decrease. Based on the 4-hour chart, volume traded for tokens was lower than in the previous session.
There was a bright side to the story. The bar ended in green and buyers may be returning soon. However, it is not sufficient to say if XRP has regaining its strength.
Prices were below the 20 SMA on the 20 SMA. This indicates that the seller momentum is building and prices are being determined by them.
Relative Strength Index was consistent with all other indicators. The indicator was not seen above the half-line. The market was experiencing bearish pressure because selling power preceded buying.
It is well-known that the MACD indicator can determine current price momentum. It detected a bearish crossover, which was followed by red histograms. MACD fell below its zero line, which indicates bearish pressure.
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