The crypto market is mostly in red with most crypto assets paring gains. XRP is of the few assets in green, rising for the 3rd consecutive day. XRP has performed well despite the Ripple SEC lawsuit initiated in December 2020, up 539.9% on a 1-year basis and 10.45% in the last 24 hours. At the time of writing, XRP was trading at $1.43 with a market cap of $52.98 billion and $8.65 billion in traded volume over 24 hours. Ripple investors seem confident that XRP is going to triumph over SEC, with a telephonic conference between the duo set for May 21. Ripple has filed a new legal memorandum in an attempt to counter previous motions from the SEC, claiming that the agency misquoted its statements in an earlier attempt to dismiss Ripple’s defense. The XRP community is also celebrating what could be the first of many relisting decisions as exchange platform Phemex announced it will resume trading with XRP.
Key Levels
Resistance Levels: $2.000, $1.8500, $1.7500
Support Levels: $1.3000, $1.2071, $1.1460
XRP/USD Daily ChartThe XRP/USD pair started a decent upward move on May 13 from the $1.41 low beneath the daily MA 50. The price rose for the 3rd day to reach highs of $1.63. The short-term oscillators are favoring the upside with the RSI advancing towards the bullish territory. If buying interests persist and keep the price past $1.63 high, the next resistance could emanate from the $1.75 level ahead of $1.85.
Successfully navigating past that, buyers may then aim for the $1.98 yearly high and the $2 psychological level. This is a vital border, which will need to be surpassed for a retest of the Jan 2018 all-time highs of $3.84. If a negative scenario should unfold, initial support could exist from the $1.27 level ahead of the MA 50 at $1.24. the confluence of support reinforced by the ascending trend line and the MA 50 should put a lid to further losses. XRP may consolidate for a while as the RSI remains neutral.
XRP/USD 4-Hour ChartOn the 4-hour chart, XRP/USD price action remains constricted below the moving averages. Price edged higher after the rebound-off lows of $1.17 on May 13 and briefly surpassed the confluence of the moving averages 50 and 200, acting as strong resistance around $1.45. The XRP/USD pair is returning lower presently while attempting to flip the MAs into support.
A successful attempt above the moving averages could take the pair towards a retest of the $1.63 high before flirting with the $1.72 handle. More increases could send the bulls to retest the yearly high at $1.98.
Alternatively, a sustained dive beneath the MAs could meet the $1.32 support ahead of the $1.22 level before slipping to $1.32. Overall, it has been in an ascending trendline since April 2021 and in case of declines below the MA 200 ($1.45) may switch the bias back to neutral.
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