Ripple Price Analysis: XRP/USD bulls focus on breaking $0.24 resistance
- Ripple price commences a recovery mission following a dip to $0.2245.
- Ripple gets a blow after a court dismissed motion to oust the class action lawsuit against it.
Ripple price is back in the green amid attempts to see it recover the lost ground following the devastating drop on Monday, Tuesday and Wednesday. Support established at $0.2245 has been instrumental to the 2.85% gain posted on Thursday. XRP/USD is dancing at $0.2360 after stepping above the 100-day SMA.
The main focus is to have the price step above the 38.2% Fibonacci level, taken between the last swing high of $0.3483 to a swing low of $0.1764 (marginally above $0.24). A break above the 50-day SMA would boost the bulls in the direction of $0.30.
Meanwhile, technical analysis shows Ripple’s recovery is supported by technical indicators such as the RSI. The indicator avoided the oversold region like a plague during the crash this week and is now pointing upwards ready to climb the levels towards the overbought region. The support at $0.2245 is likely to stay put but if broken, Ripple could seek refuge at $0.22 (23.6% Fibo).
Ripple’s lawsuit ruled to continue
In a hearing held in a California District Court, Judge Phyllis J. Hamilton ruled against Ripple, allowing the lawsuit filed against the blockchain company to run its course. Ripple had filed a motion to dismiss the case in December 2019 which was taken under submission in January 2020. The judge said that Ripple had not sufficiently gave the court enough to warrant the closure of the lawsuit filed by Vladi Zakinov and Bradley Sostack (lead plaintiff).
XRP/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
