The crypto market is set to mark May’s last day on a bullish tone after widespread market declines in the previous week. XRP price has made a positive advance since May 30, recording 13.12% gains weekly. At the time of writing, XRP traded at $1.00, up 15.50% over the last 24 hours. Ranking 6th largest, XRP present market capitalization stands at $46.14 billion and 6.07 billion in traded volume over 24 hours. Ripple Labs, the company behind XRP, has scored another significant win in the ongoing SEC lawsuit as Magistrate Judge Sarah Netburn denied the SEC’s motion to get access to any legal advice Ripple sought or received regarding XRP’s regulatory status. RippleNet, Ripple’s global payments network has been awarded the sought-after System and Organization Controls 2 (SOC 2) certification. SOC 2 is an industry-leading seal of approval that demonstrates RippleNet’s capabilities of securely delivering services fit for the modern world.
Key Levels
Resistance Levels: $1.5169, $1.3000, $1.0953
Support Levels: $0.8450, $0.7707, $0.6000
XRP price found support at $0.79 on May 29 and started a fresh increase against the US Dollar. On Monday, XRP was approaching the resistance towards the $1.09 level as it traded at $1.05 intraday highs. The $1.09 level caused a decline during the middle of the last week. If XRP price declines, it would most likely find support at the $0.79 low. In addition, the combination of the MA 200 at $0.68 and $0.62 mark could provide extra support. The RSI is standing marginally beneath the neutral threshold of 50.
In the meantime, a potential surge would need to pass the resistance of the $1.05-$1.09 level before additional gains could occur. Any upside pressures above the MA 50 at $1.32, and the market could open the door for the $1.76-$1.98 levels. An aggressive rally higher could take XRP price until the all-time high of $3.84 level.
XRP is conveying an increase in positive impetus after the latest rally off the $0.79 low lifted the price above the MA 50 barrier at $0.91. More bullish movements could open the way for the XRP/USD pair to test the MA 200, currently at $1.30. Successfully surpassing that, it could drive the bulls to a $1.50 and $1.98 yearly high. The technical oscillators are endorsing growing positive momentum while the RSI is steering towards its previous high in the bullish territory.
On the flip side, a selling interest below the MA 50 at $0.91 could get XRP price to meet the $0.80 Support. Beneath this, the ascending trendline support at $0.64 may halt downside movements. To summarize, the neutral-to-bullish demeanor in XRP price seems to be maturing. Yet, a price retreat below the MA 50 would alter this outlook.
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