After a week of gains, XRP corrected 5%
Positive developments continue to be made for Ripple in the case against SEC
XRP could continue to rise until it is supported at $0.33
Ripple’s USD/XRP is currently recovering but sustained gains will depend on a key resistance. As of press time, XRP had fallen 5% in the past 24 hours due to bulls failing to generate a breakout of $38. Along with other cryptocurrencies, the token also fell. After a bullish week, the market’s decline can be described as a correction.
Ripple’s revision of the SEC case shows that Ripple is still on the right track, though the outcome is uncertain. A US court denied Ripple’s request to withhold documents from the SEC on July 12. These documents could have affected proceedings. They relate to 2018’s “Hinman speech”. In any case, Ripple’s court support is always positive. This indicates that the company is making good progress. Markets are awaiting the outcome of the case, which could impact XRP’s pricing.
Despite uncertainty, XRP is still a top cryptocurrency at the moment. It is ranked 7th in market capital, above Solana and Cardano. Market sentiment has driven the latest gains, but XRP still faces $38 hurdles.
XRP corrects after rejection at key resistance
Source – TradingView
Technical analysis shows that XRP was rejected at $0.38, the key resistance. A bearish momentum has been observed as the MACD indicator crossed below its moving average. Investors could be making profits following the recent gains. The current correction is expected to continue. XRP could settle in the support zone at $0.33. It could slide to $0.30 as another support. Investors should be aware of the levels for sentiment and price action.
After being rejected at $0.38, XRP is experiencing a bearish short-term momentum. The cryptocurrency could settle for $0.33 or $0.30.