In a major development for Ripple and its XRP token, the American Securities and Exchange (SEC) commission has officially abandoned its appeal in the current legal battle against Ripple Labs. CEO Brad Garlinghouse confirmed the news and celebrated the decision, marking a key victory for Ripple. After the announcement, XRP experienced a price increase, earning more than 10% and culminating at $ 2.57. However, the excitement was short -lived, the price was now stabilized at $ 2.47 as the market adjusts.
According to analyst Josh of Crypto World, to date, XRP continues to feel a larger down divergence over the period of 3 days. This trend has been taking place actively for several months, with a coherent expectation of a limited bullish impulse. Although short -term prices’ action can show occasional bullish movements, global technical perspectives suggest that XRP will not see sites of dynamism upwards.
Short -term positive price action: a rebound in the key support
XRP rebounded on a previous level of resistance and successfully transformed it into a new support. It is a positive price structure, indicating that the market can see a short -term recovery. The key support area for XRP is between the fork of $ 2.25 and $ 2.30. The fact that XRP has held this level and rebounded suggests a certain stability in short -term perspectives.
Resistance levels to monitor
While XRP grows above, the next resistance to watch is in the $ 2.60 to $ 2.80 range. The previous resistance levels in this beach will probably continue to exert pressure downwards. More specifically, levels of $ 2.65 and $ 2.80 will be essential to determine if XRP can maintain the momentum beyond this point. In addition, if XRP crosses these resistance areas, the $ 3 bar will probably be the next major obstacle.
RSI indicator: potential conditions of upcoming Surbound?
The relative resistance index (RSI) is an important tool to monitor during this rally. Currently, the RSI is approaching the surachat levels, which suggests that XRP could be near its short -term peak. In the past, when the RSI has reached these levels, this has often led to a low price drop. Although there is still a place for XRP to increase, the growing RSI can point out that it approaches a point of resistance, which could make the price cool.
The influence of bitcoin on the price movement XRP
The price of XRP is also closely linked to Bitcoin movements. If Bitcoin continues to see the bullish momentum, XRP should follow suit with a positive price action. However, if Bitcoin is falling, XRP can also cope with pressure downwards.