The Ripple (XRP), has seen a rapid rebound towards the end of this week. That said — will Ripple go bullish at least for the short term?
The chart indicates that XRP is trending downward. 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.
The crypto trades at $0.430831 as of the writing. This is down 16% over the past 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 and SEC are battling over Hinman, the ex-Director of the Division of Corporation Finance at the SEC.
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?
Numerous indicators suggest that Ripple may be in an oversold state, meaning it could push for an upward trend within the near term. For this reversal to be validated, the price should overshoot toward a higher peak and onto higher 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. The resistance zone’s last ascending waves seem weak so a retest may be possible. Even more, the resistance zone goes through an IchimokuIt makes it very difficult for the bulls and their horses to navigate 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