XRP Price Surges 10% Following SEC Case Drop
After finding support above $0.480, XRP has experienced a significant increase in price. The recent decision by the SEC to drop its case against Ripple’s executives has sparked a surge in XRP, pushing it above the $0.50 resistance level.
On the 4-hour chart of the XRP/USD pair, a major bearish trend line with resistance near $0.4885 was broken. Additionally, the pair surpassed the 50% Fibonacci retracement level of the previous decline from the $0.5510 swing high to the $0.4730 low.
XRP is now trading above $0.505 and the 100 simple moving average (4 hours), which is also benefiting other cryptocurrencies like Bitcoin, Ethereum, and Solana as they move higher.
Potential Resistance Levels
The immediate resistance for XRP is around the $0.524 level or the 61.8% Fibonacci retracement level of the key decline mentioned earlier. The first major resistance lies near $0.532. If the price manages to close above this level, it could rally towards the $0.550 resistance.
If buyers continue to dominate and break above the $0.550 resistance, there is a possibility of further upward movement towards the $0.565 and even $0.585 resistance levels.
Source: XRPUSD on TradingView.com
Will Dips Be Limited?
If XRP fails to surpass the $0.524 resistance zone, it may experience a downside correction. The initial support level on the downside is near $0.512, followed by a major support at $0.505.
In the event of a downside break and a close below $0.505, the price could accelerate its decline and potentially retest the $0.4850 support zone.
Technical Indicators
The 4-hour MACD for XRP/USD is currently losing momentum within the bullish zone, while the RSI (Relative Strength Index) is above the 50 level.
Major Support Levels: $0.512, $0.505, $0.485
Major Resistance Levels: $0.524, $0.532, $0.550
Hot Take: XRP Price Soars as SEC Case Dropped
XRP has experienced a significant surge in price following the SEC’s decision to drop its case against Ripple’s executives. This positive development has propelled XRP above key resistance levels and opened up potential for further gains. While a downside correction is possible if XRP fails to surpass certain resistance zones, overall market sentiment remains optimistic with buyers remaining active near the crucial $0.50 level. With ongoing support from other cryptocurrencies like Bitcoin and Ethereum, XRP’s upward trajectory seems promising.
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