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Ripple Price Forecast: XRP Bullish Bias Continues to Dominate, Three White Soldiers!

Ripple Price Forecast: XRP Bullish Bias Continues to Dominate, Three White Soldiers!

Posted Tuesday, April 13, 2021 by
Arslan Butt • 2 min read

XRP/USD closed at 1.47157 after placing a high of 1.47157 and a low of 1.34194. XRP/USD posted gains on Monday and started its week on a positive note despite the negative trend in the market. Over the weekend, the native cryptocurrency of XRP Ledger created by Ripple Labs surged more than 40% and rose from $1 to $1.47 level – its highest level in three years. Another court ruling in favor of Ripple followed the surge in XRP prices.

As a part of the discovery phase in the US SEC lawsuit against Ripple, Judge Sarah Netburn rejected the demand of SEC for up to 8 years of personal financial information of co-founder and executive chairman of Ripple, Chris Larsen, and chief executive officer of Ripple, Brad Garlinghouse. The judge rejected SEC demand for individual defendants’ financial records as they were apart from those records of XRP transactions that were already promised. The personal financial information of Ripple co-founder and the chief executive officer was not relevant to the case and were not proportional to the case’s needs. This was Ripple’s second victory in the SEC lawsuit in a single week that pushed the XRP prices higher on Monday to their highest level in three years, near $1.50.

On the US dollar front, the US dollar was also weak on Monday amid the weaker-than-expected macroeconomic data and Fed chair Powell’s comments. The US Dollar Index that measures the value of the greenback against the basket of six major currencies fell to 92.1 level and weighed on the US dollar that ultimately supported the rising prices of XRP/USD. XRP/USD moved against the market trend of cryptocurrencies on Monday as BITCOIN and other altcoins were facing pressure amid negative developments and warnings from Sri Lanka and the CEO of a top Bitcoin exchange on the day.

The Bank of Sri Lanka issue a warning for the use of Bitcoin and other cryptocurrencies amid the high level of risk involved in it. The Sri Lanka government also does not allow obtaining Bitcoin or other cryptos from any means like exchanges, ICOs and mining. Meanwhile, Jesse Powell, CEO of a top Bitcoin exchange, said that governments around the globe could start banning the use of Bitcoin and other cryptos as many officials, including US Treasury Secretary and ECB president, have warned about the use of Bitcoin for illegal activities like money laundering and terrorist funding.

Ripple Price Forecast: XRP Bullish Bias Continues to Dominate, Three White Soldiers!

XRP/USD Daily Technical levels

Support Resistance

1.38515 1.51478

1.29873 1.55799

1.25552 1.64441

Pivot Point: 1.42836

The XRP/USD pair trades with a bullish bias at a 1.6749 level as the pair continues to soar towards the next resistance area of 1.990. The pair has closed three white soldiers on the daily timeframe, supporting a bullish trend in the pair. On the lower side, it is likely to gain support around the 1.2911 level, and the closing of candles above this level supports an upward trend. We will be looking to take a buy position over 1.4965 area today to target 1.7000 and 1.9630 soon. Good luck! 

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