• XRP price is finding significant support at the 50-day simple moving average (SMA).
  • If this support level holds, Ripple could rise to the next short-term resistance at $0.500.
  • This cryptocurrency recently printed the highest daily volume for an up day since February 22.

XRP price is gradually following through the breakout from a symmetrical triangle at $0.450. Significant resistance does not appear until $0.644, suggesting that this cryptocurrency has more room to go up before any retracements.

XRP price fighting off the negative news

Ripple price has been relatively resilient considering the ongoing SEC lawsuit and a new attempt by the regulatory agency to access the company's executives personal bank records. To compound the risk is the previously filed class-action lawsuit by Moneygram investors over Ripple failing to inform them of their relationship’s inherent risks.

Despite Coinbase and Binance suspensions, XRP engineered a spike from a symmetrical triangle on March 16 with a gain of 5.62%. It was the best daily performance since March 4, and it was supported by the highest volume for a green candlestick since February 22.

Over the last two trading days, XRP has struggled to overcome the magnet effect of the 50-day simple moving average (SMA) around $0.465, and volume has dried up. Nevertheless, Ripple price is holding the breakout, and the Relative Strength Index (RSI) has turned upwards, confirming the bullish momentum.

If the new trend accelerates, it will discover an immediate challenge at $0.500, a price level that has been resistance and support extending back to the end of January. There is a price vacuum after $0.500 that should free XRP price to advance quickly to $0.644.

Such an upward price action would represent a 40% gain from the symmetrical triangle breakout at $0.450.

XRP/USD daily chart

XRP/USD daily chart

There is no doubt that Ripple’s ongoing legal problems will impact XRP price as more news emerge, and a negative development could quickly derail the latest advance. Support will first appear at the February 23 low at $0.362 in the event of a correction, followed by the February 2 low at $0.340.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

More Bitcoin news

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink price shows an interesting setup that could result in a steep correction and an eventual undoing of the gains. While the former scenario is plausible, the latter is a worst-case outlook and has relatively less chance of manifesting.

More ChainLink news

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Enjin coin price could become a crypto outperformer in the next bullrun. Key levels have been identified. The Enjin token, an Ethereum based gaming token witnessed a 14,000% rise between March 2020 lows at $0.03 and the 2021 highs at $4.85.

More Enjin Coin news

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

Shiba Inu price tags the intended $0.00001550 target. Shiba Inu price has recently rallied an impressive 35% in just one day. Throughout the summer, the outlook has been maintained at a short-term bullish stance with targets in the $0.00001400 -0.00001550 area.

More Shiba Inu news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP