Cryptocurrencies are effortlessly beginning a fresh week, just as stability lingers on the edge while the market is mixed red and green with Ripple (XRP). Over the past month, XRP has been trading in a tight range which is indicative of consolidation before a larger move. The token continues with its upside move on Monday, lifted by fresh optimism built as XRP/USD bulls edge up past $0.25. The fourth-largest cryptocurrency has made a significant recovery from September’s support at $0.22 low to register fresh highs at $0.2547. At the time of writing, XRP/USD is changing hands at $0.2508, having gained nearly 4.5% in the last 24 hours. The coin sits at the 4th place in the global cryptocurrency market rating compiled by Coinmarketcap. It has a market value of $11.36 billion and an average daily trading volume of $2.22 billion. Ripple’s lawsuit progress with two fraud charges dropped in a ruling by the United States District Court for the Northern District of California. However, it gives the green light to proceed with the suit regarding Ripple’s violations of the California Corporations Code.
*The fourth-largest cryptocurrency has made a significant recovery from September’s support at $0.22 low to register fresh highs at $0.2547
*The token continues with its upside move on Monday, lifted by fresh optimism built as XRP/USD bulls edge up past $0.25
*Ripple’s lawsuit progress with Two fraud charges dropped in a ruling by the United States District Court for the Northern District of California
Resistance Levels: $0.30, $0.285, $0.260
Support Levels: $0.240, $0.230, $0.220
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
Over the last 24 hours, the cross-border token has step above the horizontal resistance line at $0.25. However, the immediate upside is limited by the MA 50. If the moving average flips into support, XRP could continue with the price action towards $0.3. On the downside, the MA 200 is in line to offer support in addition to $0.23 and $0.22 levels.
The bulls were in full control today, moving the market higher throughout the whole session. After having been unable to move lower than 0.2320 level in the prior session, the cryptocurrency found buyers today at 0.2469 level. XRP is finally showing signs of recovery after a massive breakout from an important pattern formed on the daily channel.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the shorter time-frames like the 4-hour chart, the MA 50, and the MA 200, were both turned into support levels, and its about to chart a bull cross. XRP is still being well-supported on pullbacks, as Whales demand for the no.4 cryptocurrency above the $0.25 level remains strong.
A directional move is likely to take place in the short-term once a technical breakout from the $0.26 horizontal barrier takes place. The XRP/USD pair is only bullish while trading above the $0.26 level, key resistance is found at the $0.285 and the $0.30 levels. If the XRP/USD pair trades below the $0.25 level, sellers may test the $0.24 and $0.23 levels.
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