- 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
 (33)-637183898888189174.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips below key level as Hong Kong ETFs underperform
Ethereum (ETH) experienced a further decline on Tuesday following a disappointing first-day trading volume for Hong Kong's spot Bitcoin and ETH ETFs. This comes off the back of increased long liquidations and mixed whale activity surrounding the top altcoin.
Bitcoin Cash advocate Roger Ver arrested and charged with falsifying taxes
Bitcoin Cash (BCH) proponent Roger Ver, also an early Bitcoin investor, was allegedly picked up by Spanish authorities over the weekend on charges of tax fraud by the US DOJ.
Bitcoin price dips into $60K range as spot traders flock to Coinbase Lightning Network
Bitcoin slid lower on Tuesday during the opening hours of the New York session, dipping its toes into a crucial chart area. It comes as markets continue to digest the performance of Hong Kong ETFs.
Renzo's REZ dips after airdrop and Binance listing
Renzo users could claim their airdrop based on accumulated ezPoints. REZ dips about 35% after listing on Binance and several other exchanges. Renzo seems to have gotten over an earlier scare from ezETH depeg last week.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.