- XRP price is finding significant support at the 50-day simple moving average (SMA).
- If this support level holds, Ripple could rise to the next short-term resistance at $0.500.
- This cryptocurrency recently printed the highest daily volume for an up day since February 22.
XRP price is gradually following through the breakout from a symmetrical triangle at $0.450. Significant resistance does not appear until $0.644, suggesting that this cryptocurrency has more room to go up before any retracements.
XRP price fighting off the negative news
Ripple price has been relatively resilient considering the ongoing SEC lawsuit and a new attempt by the regulatory agency to access the company's executives personal bank records. To compound the risk is the previously filed class-action lawsuit by Moneygram investors over Ripple failing to inform them of their relationship’s inherent risks.
Despite Coinbase and Binance suspensions, XRP engineered a spike from a symmetrical triangle on March 16 with a gain of 5.62%. It was the best daily performance since March 4, and it was supported by the highest volume for a green candlestick since February 22.
Over the last two trading days, XRP has struggled to overcome the magnet effect of the 50-day simple moving average (SMA) around $0.465, and volume has dried up. Nevertheless, Ripple price is holding the breakout, and the Relative Strength Index (RSI) has turned upwards, confirming the bullish momentum.
If the new trend accelerates, it will discover an immediate challenge at $0.500, a price level that has been resistance and support extending back to the end of January. There is a price vacuum after $0.500 that should free XRP price to advance quickly to $0.644.
Such an upward price action would represent a 40% gain from the symmetrical triangle breakout at $0.450.
XRP/USD daily chart
There is no doubt that Ripple’s ongoing legal problems will impact XRP price as more news emerge, and a negative development could quickly derail the latest advance. Support will first appear at the February 23 low at $0.362 in the event of a correction, followed by the February 2 low at $0.340.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.