Over the past 24 hours, XRP owners have been surprised by fundamentally good news. Ripple Foundation will argue that the SEC failed to warn that XRP could violate U.S. laws.
Accordingly, Ripple’s affirmative defense is denied by the SEC. This analysis will speculate on the reaction of the market to this news.
Technical Analysis by Grizzly
The Daily Chart
After the consolidation phase of the crypto market in January 2022, Ripple (XRP), was one of the Altcoins that reached higher lows.
Even though yesterday’s news pushed prices above 10%, it is important to be skeptical given the market’s volatility and failing major supports which are now being turned into resistance levels.
Initialy, XRP failed above its dynamic resistance (marked in blue on the chart). The static resistance at $0.9-1 has intersected with the 200-day mark and has been a significant obstacle for XRP.
The demand zones at $0.7 & $0.6 are areas that could see strong support in the short term.
The 4-Hour Chart
Yesterday’s news saw the price break out of the symmetrical triangular pattern and is now in a pullback. The following four-hour timeframe will show this.
The macro shouldn’t affect the overall cryptocurrency market, so there is the possibility of testing the $0.85 static zone again. The MACD indicator reaching bullish territory sustains this short-term positive momentum.
The bottom line
The recent events favoring Ripple have led to a 10% increase in daily trading volume. However, short-term traders should be careful about entering the market due to the uncertainty. A sudden change in the Bitcoin market could cause everything to fall apart, especially if the volume of trading is at its lowest point for several months.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.