The general upbeat sentiment across the crypto market extends into the weekend session. Selected tokens are rallying higher while the majority are consolidating gains accrued in the week. Following XRP’s fall on Mar. 15 to lows at $0.398, the XRP market has maintained its consolidation mood. In a different twist, after XRP holders’ victory to intervene in SEC lawsuit, XRP climbed for three days in a row, surging from lows of $0.51 on Mar. 31 to the $0.61 price witnessed at the time of publication. Reaching intraday highs of $0.6464, the digital asset has since gained 6.52% in the last 24 hours and 15.22% on the weekly. Ranking 7th largest, the XRP market cap stands at $28.69 billion with $6.75 billion in trade volume over the last 24 hours. XRP holders are now claiming victory as Attorney John Deaton has been allowed to file a motion on their behalf to intervene in the SEC’s ongoing lawsuit against Ripple Labs. This comes after Judge Analisa Torres accepted the token holders’ claim that their interests are not being adequately represented in the ongoing case.
*XRP market has maintained its consolidation mood
*XRP has since gained 6.52% in the last 24 hours and 15.22% on the weekly
*XRP holders are now claiming victory as Attorney John Deaton has been allowed to file a motion on their behalf
Key Levels
Resistance Levels: $0.8290, $0.7707, $0.6751
Support Levels: $0.5507, $0.5000, $0.4000
XRP/USD Daily ChartXRP resuscitated the positive climb from lows near the MA 50 ($0.50) on Mar. 30. After three days of positive trading, the bulls managed to propel XRP to the $0.6464 overhead resistance. The recent rebound attracted more sellers in the supply zone at the $0.6464 level. A bullish breakout above $0.6464 could raise offers to $0.675 and $0.6868. An upside move above these levels could meet resistance at the yearly high at $0.77.
A break above this level would begin the next leg of the uptrend with a target objective of $1. The RSI is flattening below the 70 thresholds. Failing that, XRP price action would remain in consolidation between $0.42 and $0.64 on a break below the MA 50. Further declines may lead to a retest of the ascending trendline support at around $0.40 once again. XRP made a bullish bounce from this support level on few counts.
XRP/USD 4-Hour ChartXRP price is returning lower after the pullback off $0.64 resistance. However, the XRP/USD pair remains well above the 4-hour MA 50 and 200. A drop below the MA 50 at $0.567 could cause a retest of support at $0.52, ahead of the MA 200 ($0.498). More downside pressure beneath the MA 200 could open the way to the bears, hitting the Mar. 15 low at $0.40.
On the contrary, the XRP price may consolidate above the MA 50 to gather enough strength before the next push higher. XRP price can challenge higher values on a sustained break above $0.64. If the upside break materializes, the next fierce barrier awaits around $0.77. To Summarize, XRP price failing to find acceptance above $0.64 has prompted the bulls to enter a phase of consolidation before the next push higher.
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