The crypto market has reawakened thanks to the bullish jump of Bitcoin. The price of XRP is benefiting from this, accumulating quite relevant gains, which may be announcing a positive near future.
At the time of this writing Ripple is trading at $ 0.80, up 9.47% in the last 24 hours. With a market capitalization of $ 37.49 billion, it is ranked 6th in the Crypto Online ranking.
In addition to the general positivism in the ecosystem, a factor that may also be promoting the rise of this cryptocurrency, is the new advance of Brad Garlinghouse (CEO of Ripple), in his defense against the SEC.
The United States Securities and Exchange commission granted Brad the motion, requesting access to Binance documents. With this, he seeks to expose evidence of his innocence, with evidence that shows that the executive carried out the transactions outside the jurisdiction of the US securities regulator.
Recall that in December 2020 the SEC filed a lawsuit against Ripple. The entity alleged that the founders of said company carried out an offer of securities of unregistered digital assets, through the sale of XRP tokens.
Technical analysis of the price of XRP, while jumping accumulating good profits
Although it hasn’t jumped as strongly as Bitcoin is, the price of XRP seems to be announcing bigger gains to come.
In the weekly chart we observe how after picking up demand at the support located at $ 0.50, we now see an upward momentum developing, capable of crossing a first weekly resistance, and looking at a next one located at $ 0.94.
That resistance at the price of $ 0.94 is the one that must be crossed, to confirm that the bulls have recovered the medium-term trend.
If it is traversed, which is the most likely thing so far, the ground will be cleared until the resistance zone left by the all-time high of 2018.
Ripple is about to break above the 200-day SMA
On the daily chart of the price of XRP we see a clear bullish scenario, thanks to gains capable of crossing various resistances without much difficulty, and creating ever higher lows and highs.
The 8-day EMA and 18-day SMA moving averages crossed to the upside. They recently functioned as dynamic supports, following the short-term uptrend.
Now the price is challenging the 200-day SMA, and it will most likely succeed in breaking it. This will be a very good sign, as it would be an excellent confirmation that the setback of the last few months has already come to an end.
It is possible that we will see the reach of $ 0.92 in the next hours / days.
To think about selling, the support at $ 0.71 must be lost. Even after that, as long as support remains at $ 0.50, there is not much to worry about.
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