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XRP Price Analysis: Sideways Trading Amid Flat Markets, Ripple Scores Double Count Win in SEC Lawsuit

XRP
  • XRP remains in sideways trade as the markets lie generally flat
  • XRP was trading at $0.83, down by 4.71% in the last 24 hours
  • Magistrate Judge Sarah Netburn has denied the SEC’s request for documents related to Ripple’s lobbying efforts

The crypto markets are relatively mixed so far after BTC’s rally attempt past $41k was brought to a halt. XRP, like most crypto assets, remains in sideways trade as the markets lie generally flat. At the time of writing, XRP was trading at $0.83, down by 4.71% in the last 24 hours. Ranking 7th largest, XRP present market capitalization stands at $39.57 billion and $2.70 billion in traded volume over 24 hours. Magistrate Judge Sarah Netburn has denied the SEC’s request for documents related to Ripple’s lobbying efforts. In another win, the court has issued the order granting Defendants’ Brad Garlinghouse and Chris Larsen Motion for the Issuance of Letters of Request for International Judicial Assistance. The letters for International Assistance might help Ripple prove that 90% of XRP transactions were outside the US and therefore not under SEC purview.

Key Levels
Resistance Levels: $1.5169, $1.3000, $1.0953
Support Levels: $0.8450, $0.7707, $0.6000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP entered a consolidation phase shortly after reaching yearly highs of $1.98 on Apr. 14. Following the declines to lows of $0.62 on May 23, XRP has not left the $0.74/$1.10 range as the MA 50 ($1.17) and the MA 200 ($0.72) have pressured the asset from both directions. The former (MA 200) reinforced by the support of around $0.74 has guided the XRP/USD pair from further declines while acting as strong support since May 23.

If buyers find footing above the upper part of the range near the MA 50 at $1.17, initial heavy resistance could develop between the $1.76-$1.81 range. Overcoming this, the price may meet the $1.98 barrier at the yearly high. Should the climb from here intensify, the bulls could tackle the $2 and $3 levels before propelling for a retest of the Jan 2018 all-time highs at $3.84.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP is holding within a narrow range around falling MA 50 (currently at $0.86) in Wednesday’s trading. Probes through immediate barrier above the MA 50 at $0.94 on June 14 failed to close above on initial attempt with the price returning lower after the pullback. The RSI is ticking slightly up towards the neutral threshold of 50. The bullish scenario requires a sustained break above the MA 50 ($0.86) to open the way for a retest of the $0.94 level and then the falling MA 200 at $1.01.

An upside move from here could meet the $1.10 ahead of the $1.70 and $1.98 barrier levels. On the other hand, a drop below the consolidative base at $0.78 could take the XRP/USD pair until the $0.64 low, registered on May 23 where the bulls could give the upswing another chance. To summarize, if XRP price surpasses the 4-hour MA 200 at $1.01, it could open the door for more bullish orders until the next resistance.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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