Ripple price targets $0.501 as Binance deal with SEC delivers much-needed support
- Ripple price is back in the green as XRP optimists visualize $0.501 amid ongoing talks about the SEC-case ruling.
- Binance exchange's latest win is motivating as XRP investors grapple with their own case against the regulator.
- XRP could tag the supply zone at $0.521 depending on how soon Ripple price flips the $0.48 hurdle into support.
Ripple (XRP) price is back in the green during the weekend, as crypto proponents recognize Binance exchange's latest win against the US Securities and Exchange Commission (SEC). With the financial regulator boding as a common enemy, a win for one is a win for all, which explains XRP's uptick over the last 24 hours. This optimism is reinforced by ongoing talks of an imminent ruling in the Ripple vs. SEC case.
Also Read: Breaking: Binance to continue US operations
Ripple price turns bullish as victory edges closer to XRP
Ripple (XRP) price is up around 5% after recording an intra-day low of $0.455 on Friday. The weekend appears to have inspired a new wave of optimism among XRP holders as the remittance token's case with the US financial regulator nears its conclusion. After the Hinman Documents exposure on June 13, Ripple CEO Brad Garlinghouse published a video on Twitter discussing the lawsuit's timeline and expressing his frustration with the watchdog.
Trying something new – some thoughts from me on the events (specifically the release of the Hinman documents) of this week. For me, this has all had a personal bent to it - and felt like it warranted some personal comments. pic.twitter.com/k4dYeQGhsN
— Brad Garlinghouse (@bgarlinghouse) June 16, 2023
At the current price of $0.481, Ripple price continues on its bullish streak beginning June 17 when Judge Jackson consented to Binance.US operation in the US. After flipping the 100-day Exponential Moving Average (EMA) at $0.468 into support, overhead pressure for the remittance token has reduced, and XRP is now molding a recovery.
An increase in buyer momentum could see Ripple price overcome the 50-day EMA at $0.485, paving the way for a confrontation with the $0.495 resistance level. A sustained buying momentum could see XRP tag the lower boundary of the supply zone at $0.521, marked by the red block.
A supply zone, simply interpreted as the area where all the big sellers are located, could be the reverse point for the current XRP uptrend unless investors keep their selling appetite in check. In such a case, Ripple price could extend beyond this zone, converting it into a breaker and tagging the $0.542 resistance level. Such a move would denote a 12% ascent from the current price.
The upward-facing Relative Strength Index (RSI) supports the bullish outlook for Ripple price as it indicates a rising momentum.
XRP/USDT 1-Day Chart
Conversely, early-profit taking could interrupt the uptrend, causing Ripple price to pull below the 100-day EMA or, in the dire case, invalidate the bullish outlook by descending below the support confluence between the 200-day EMA and the horizontal line at around $0.451.
The Awesome Oscillator (AO), whose histograms were red-soaked and edging below the midline, tones the gloomy outlook. This points to traders booking profits early, possibly upon breaking even.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
