XRP Showing Strength Against all Odds, as Fresh Evidence Arises in Ripple vs SEC Battle
Ripple XRP Holding on to gains while the crypto market has resumed the decline
Ripple was a promising cryptocurrency in the previous decade, when it was among the top five in terms of market cap, but it largely missed out on the massive crypto rally of 2021. It did rally in the first few months of last year until April, but the gains were minuscule compared to other cryptocurrencies during the spring period, and it sort of missed out during the second crypto rally in Autumn.
Ripple Weekly Chart – XRP Stuck Between 2 MAs
The 100 SMA has held as support at the bottom, the 50 SMA is acting as resistance at the top
So, while other cryptocurrencies continued to make record highs until November 2021, and some, such as Terra LUNA continued to push up until December 2021, XRP has been making lower highs since 2017. The price has been bearish since November, and by January this year, it had slipped below $1, falling to $0.55. That’s where it met the 200 SMA (purple) on the weekly chart, which provided support for a second time, and the price started bouncing higher.
However, buyers haven’t been able to push the price above the 50 weekly SMA (yellow) which stands above $1.9o and is acting as resistance at the top. The jump from $0.55 was a bullish sign, since XRP/USD gained around 60%, while the gains in other major cryptocurrencies we smaller. This week, the rest of the market has turned bearish again, but XRP is holding its gains, which is another bullish sign.
Ripple Daily Chart – Price Action Pointing to the Upside
The 50 SMA is acting as support in this timeframe
The main reason for XRP falling behind the rest of the crypto market is the legal battle that the US Securities and Exchange Commission (SEC) opened against Ripple more than a year ago, claiming that XRP was a security. Everyone is following this lawsuit, since it will be an important factor in crypto regulation in the US.
The lawsuit has taken many twists and turns, with one of the recent ones being that Judge Analisa Torres, who is presiding over the case, has given Ripple permission to respond to the SEC’s Memorandum of Law, to present its fair notice of defense, which happened earlier this month.
Ripple Daily Chart
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals