The weekend brought optimism as most tokens initiated a recovery. XRP also saw a strong rebound from near $0.5, but the bulls lacked the strength to push prices beyond key levels. Despite this, technical indicators favor a bullish outlook, which suggests that it could either consolidate or undergo a slight pullback before the next major price move.
Ripple vs SEC Lawsuit: Settlement Talks Impact XRP
Rumors of a Ripple vs SEC settlement continue to circulate, heavily influencing XRP’s price movement. Authorities have scheduled a private meeting to discuss a possible settlement, adding pressure to XRP’s price action. XRP recently tested resistance above $0.6 but has since dropped below the crucial support levels.
The price has remained trapped within an ascending triangle over the past few months. However, the latest pullback pushed it below both the ascending trendline and the significant support zone between $0.55 and $0.54. XRP is also testing its 200-day moving average at $0.5448. To resume its rally, XRP must surpass this level and enter the resistance zone.
Bullish Indicators, But Bears Still in Play
Fortunately for bulls, the RSI has signaled a bullish reversal, while the MACD shows a decline in selling pressure. These factors support the possibility of a bullish breakout. Despite these positive signals, XRP faces low buying volume, raising concerns about the next price action. Bearish dominance remains higher than bullish momentum, which could hinder the rally’s progress.
Key Resistance Levels: A Test for the Rally
The coming days will be crucial for XRP. Failing to break above the resistance zone could stall the rally. On the other hand, if it can rise past the resistance, it may target higher levels, beginning with $0.65. A continued upward trend could push the price beyond yearly highs of $0.75, with a potential long-term goal of $1.
In conclusion, while XRP shows signs of recovery, breaking key resistance will be essential to sustaining the rally.
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