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Ripple finally managed to break above $0.45

XRP Finally Pushes Above the 100 Daily SMA, as SEC Case Progresses in Ripple’s Favour

Posted Monday, March 14, 2022 by
Skerdian Meta • 2 min read

Gold has been showing resilience in 2023, opening around $1,800 and continuing higher, where it formed a support zone, which held throughout the year. Buyers have been in control during most of the year and they broke above the all-time high at $2,075 in the first week of December, but the price retreated lower below $1,900 again, however buyers have stepped in and now they are threatening the previous resistance for a second time.We have seen a few technical setbacks in Gold this year. However, XAU/USD has now risen to sit higher, recovering from around $1,974 after finding support at the 50 SMA (yellow) on the daily chart. The price bounced off that moving average and now the 20 SMA (gray) has turned into support for Gold, indicating that the buying pressure remains strong.Gold Daily Chart – Can Buyers Push Above the Resistance? Smaller MAs are now turning into support for XAUHowever, the important resistance zone from the 2,020 high at around $2,075 remains on the daily, weekly, and monthly charts, and it is the critical level to watch heading into next year. The break above this level early this month came as a bit of a fluke, as the price spiked higher on geopolitical news. So, this time buyers don't have the same stamina as back then. So, Gold remains in demand as the economic and political uncertainties remain high across the globe. January is the best month for XAU though. But the rally since November also comes on the back of a weaker USD, while bond yields have been retreating lower, which is a key driver for [[Gold]] in particular. The market is stepping up pricing for central bank rate cuts in 2024 which has been pulling the USD lower and pushing Gold prices higher. But, buyers will have to push above $2,075 first to keep the bullish momentum going, so one step at a time.Gold Live Chart [[Gold-graph]]

Ripple has continuously displayed bullish signals since early February, when it made a sudden bullish reversal and spiked around 50% higher, from $0.60 to $0.90. But it failed to push above the 200 SMA (purple) on the daily chart, which turned into resistance, after having acted as support last year, and the price didn’t reach the $1 level either.

XRP, the payment token developed by Ripple Labs, has been under pressure due to the lawsuit against the SEC (Securities and Exchange Commission). The SEC alleges that Ripple carried out an unregistered securities offering of $1.3 billion through distributions of XRP tokens. However, lately, the court case has been unable to keep Ripple down, and on Saturday, there was another positive development for Ripple in this long-running legal case, which caused XRP to jump by nearly 13%.

This is an important case, since it will set the precedent for crypto regulation in the US, and probably in other countries too. But now, the lawsuit is heading in the right direction for Ripple. First, there were comments stating that the lawsuit might end with a settlement, as correspondence from Hinman is to be handed over to Ripple, which should force the SEC to accept a settlement. That gave Ripple a push, sending XRP/USD above the 50 daily SMA (yellow), but it has been trading between the moving average at the bottom, which has worked as support, and the 100 SMA at the top since then.

Ripple Daily Chart – XRP Makes Another Bullish Move

Now the trading range should shift higher if the 100 turns into support

On Saturday, we saw another jump that took XRP above the 100 daily SMA, pushing the price from $0.74 to $0.84, and leaving Bitcoin, Ethereum and other major coins in the dust. The jump came after the judge in the SEC case struck down a motion filed by the SEC to prevent Ripple from using its “fair notice” defense, which states that the company lacked reasonable notice.

Ripple’s CEO, Brad Garlinghouse, described the judge’s action as a huge win for the company, which was enough to send XRP higher. However, the case continues, so let’s see how Ripple behaves in the following days, because there hasn’t been much of a follow-through since Saturday. But the 100 daily SMA might turn into support now, which is yet another positive sign.