At the end the week, Ripple’s (XRP) managed to rebound quickly. That said — will Ripple go bullish at least for the short term?
The chart shows that XRP has been trending down. The support level at $0.33 has helped to skew the price decline.
Now, in order to stay afloat, the bulls should manage to keep Ripple’s price point above this mark. If done well, Ripple will move higher than the static resistance line, specifically $0.55. Then it will move up to $0.68.
At the time of writing, crypto was trading at $0.430831 via Coingecko. That’s a 16% drop in seven days.
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SEC Vs. Ripple Case – Receiving Positive Response
Sunday was a good day for Ripple as it went up by 5.07% which happened following Saturday’s gain of 0.92% However, XRP ended the week on a sour note as it spiraled down by 21% to $O0.4475. XRP was down despite the positive turnout on Ripple’s court submission on Friday following the SEC v. Ripple case.
Ripple has evidently filed a reply last week to SEC in relation to the William Hinman’s speech made in 2018. Ripple is losing this battle with Ripple because Hinman (ex-Director of Division of Corporation Finance) was the pivotal or main figure.
In Hinman’s speech in 2018, he mentioned that Bitcoin and Ethereum are not securities. SEC is now trying to cover up emails and other documents such as Hinman’s declaration or speech and other private or internal discussions that can be used as evidence.
Source: TradingView.com| Source: TradingView.com
What’s the Ripple on Reversal?
Many indicators indicate that Ripple has oversold, which could mean it is able to push toward an upward trend in short-term. To confirm that the reversal is valid, Ripple must move towards higher highs and lower lows. To create bullish momentum, the price must be pulled down to $0.65.
If Ripple can make a higher peak above the resistance zone, it could be considered bullish. Its last ascending wave appears weak, which suggests a possible retest. Even more, the resistance zone goes through an IchimokuClouds make it extremely difficult for bulls to move through.
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As Ripple’s price got to the green zone thrice in the past year, it can now be regarded as weaker support. The bearish trend would decrease, and the demand would be most likely to exceed the supply.
Featured Image from Profit Confidential. Chart by TradingView.com