A confident statement from Ripple CEO Brad Garlinghouse about how the SEC Lawsuit matter is advancing “exceedingly well” triggered a sudden 9.5% spike in the XRP price. With today’s price jump, the coin price strikers a cluster of technical resistance at the $0.8 mark, preparing for another leg higher.
Key points:
- XRP price hits at a cluster of technical resistance at $.8
- The intraday trading volume in the XRP is $2.93 Billion, indicating a 72% loss.
Source- Tradingview
On March 28th, the XRP/USDT pair recovery rally pivoted from the previous swing-high resistance of the $0.93 mark. However, the new correction fall breached the dynamic support trendline on April 6th, accelerating the selling momentum to the 0.618 Fibonacci retracement level.
However, with the long-coming XRP vs SEC lawsuit gradually favoring Ripple, the altcoin price rebounded from the shared support of 0.618 FIB and $0.7 support.
The four consecutive green candles rising from the mentioned support pumped the XRP price by 16.3%. Furthermore, with a 72% spike in daily volume activity, the coin price hits the $0.8 resistance with a better possibility of a bullish breakout.
However, the technical chart shows a cluster of resistance levels at the $0.8 mark, such as 0.382 FIB level, 50-and-100-day EMA, indicating the sellers would mount a strong defense ahead.
Anyhow, if buyers give an honest breakout from the overhead resistance, the XRP price would pump another 15% to $0.93.
Technical Indicator
The 50-and-100-day EMA aligned with $0.8 resistance contributes to an additional edge for market sellers. Therefore, the buyers need strong momentum to undermine a cluster of technical resistances.
Furthermore, the daily-RSI(51) slope entering the bullish territory and a $0.8 price breakout provide an additional edge for long traders.
- Resistance level: $0.73 and $78
- Support levels: $0.7 and $0.63
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/xrp-price-prediction-0-785-resistance-breakout-hints-15-hike-in-xrp/