XRP just broke away from a month-long downtrend. After dropping below the psychological level of $1-level. However, following the latest rise in the market, XRP climbed surged back to the press time price of $1.09.
Ripple CEO Brad Garlinghouse had revealed making tremendous headway in its legal feud with the United States Securities and Exchange Commission last week. In a recent interview with CNBC,Ā
“Weāre seeing pretty good progress despite a slow-moving judicial process. Clearly, weāre seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications”
Since its all-time high of $3, XRP has undergone a dramatic decline. But with the Ripple vs SEC heading in a positive direction, things look good for XRP. After a rather dull November, the coming days may be kind to the asset’s price trend.Ā
XRP’s bearish narrative may flip
XRP has been on a constant decline since the beginning of the year as it fluctuated within the trendlines of aĀ descending parallel channel. As the pattern completed, a much-needed bullish breakout transpired. Subsequently, the asset posted five straight green candles after breaking away. The increase in volatility in the market may support the upward price action.Ā Ā
Besides, the price candles surged past the 200 daily moving average [Yellow] this week which was another positive development. Even as the 50 DMA [Pink] and the 100 DMA [Blue] continued to hover above the candlesticks, it has so far dodged a potential bearish crossover.
Bulls Defend Despite Being Under Pressure
The technicals look promising even if they aren’t strongly bullish. The switch to the green closing bar of Awesome Oscillator [AO] depicted a bullish momentum. The Chaikin Money Flow [CMF] appeared to be heading above the zero line indicating a steady increase in capital inflow in the coin market. The daily Relative Strength Index [RSI] was also climbing towards the 50-median line in tandem with the rising price as it demonstrated a weakening sell pressure.Ā
The profit-taking phase may come to an end if the crypto-asset maintains the momentum and breaches the moving averages of 50 and 100 near $1.10.Ā The buyers stepping in may further catalyze the price. The resistance levels to watch out for are $1.15, $1.28, and $1.39. The support levels, on the other hand, are found to be $0.93, $0.87, and $0.715 respectively.
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