Ripple (XRP) Still Bullish as Crypto Market Sentiment Picks Up
Ripple (XRP) is having a good day early on Tuesday, continuing its bull run from the previous session and holding just above the key $1
Ripple (XRP) is having a good day early on Tuesday, continuing its bull run from the previous session and holding just above the key $1 level. At the time of writing, XRP/USD is trading at around $1.05.
Over the past 24 hours, XRP has registered double-digit growth, gaining more than 11% of its value as investors cheered what feels like a point for Ripple in its ongoing lawsuit with the SEC. The judge denied the SEC’s motion to access past legal communication in the investigation pertaining to the security status of Ripple’s XRP prior to its sale.
The recent gains in XRP could also be attributed to a somewhat optimistic sentiment in the crypto market, with Ethereum price posting a rebound and making its way closer to the key $3,000 level. Market leader Bitcoin has also managed to post a gain of over 5% over the past 24 hours, helping improve the mood among crypto traders.
Key Levels to Watch
On the 4-hour price chart of XRP/USD, leading technical indicators MACD and momentum as well as the smaller moving averages are supporting a bullish bias at the moment. The next level of interest sits at $1.10 and a break above this can increase investor confidence in Ripple, bringing in more buyers into the market.
Once this level breaks, the next resistance sits at $1.22, which could be harder to break especially amid the cautious mood in the overall crypto market. On the downside, in case the sentiment sours, keep an eye on the $0.91 level which will offer some support in case prices fall below the $1 level.
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