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XRP Skyrockets 20% Weekly on SEC News But There’s a Catch (Ripple Price Analysis)

Summary:
Ripple has increased 20.6% over the last week. After more than 100 days, the bulls were able to close a candle over %excerpt%.40 on favorable news associated with the trial against the US Securities and Exchange Commission. Technical Analysis By Grizzly The Daily Chart The horizontal level at %excerpt%.4 (in yellow) – which has consistently prevented the price from increasing – has now turned into support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sight higher. If they are successful in taking the price towards %excerpt%.49, this would also result in the 200-week and 200-day moving average lines (shown in white) crossing. It’s worth keeping in mind that later today, the Fed is scheduled to announce its decision on whether or not to hike interest rates

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Ripple has increased 20.6% over the last week. After more than 100 days, the bulls were able to close a candle over $0.40 on favorable news associated with the trial against the US Securities and Exchange Commission.

Technical Analysis

By Grizzly

The Daily Chart

The horizontal level at $0.4 (in yellow) – which has consistently prevented the price from increasing – has now turned into support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sight higher. If they are successful in taking the price towards $0.49, this would also result in the 200-week and 200-day moving average lines (shown in white) crossing.

It’s worth keeping in mind that later today, the Fed is scheduled to announce its decision on whether or not to hike interest rates once again. This has so far caused massive volatility in the market on every occasion.

The bullish sentiment would remain strong as long as the pair does not drop below $0.4. If the buyers are unable to maintain this level, $0.36 is the first significant support.

Key Support Levels: $0.4 & $0.36
Key Resistance Levels: $0.45 & $0.49

Daily Moving Averages:
MA20: $0.35
MA50: $0.35
MA100: $0.34
MA200: $0.48

1
Source: TradingView

The XRP/BTC Chart

Against Bitcoin, XRP is currently overly bullish. The recent 40% gains are a testament to that. The horizontal support at 2200 SATs (in red), a significant level in price history, has already been reached.

The 200-week moving average, currently at 2870 SATs, serves as the next resistance (in yellow). The test of horizontal support at 1800 SATs (in green) is also healthy until the price slips below it.

Key Support Levels: 1800 SATs & 1550 SATs
Key Resistance Levels: 2200 SATs & 2870 SATs

2
Source: TradingView

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