XRP price has been producing outstanding performance back-to-back for several weeks. The native token of Ripple gains positive momentum as it inches closer to the endline against the SEC (Security and Exchange Commission) lawsuit by small wins. It seems that XRP is all set to make a fresh move upward, but there is some catch!
XRP Bulls Continue To Dominate Amid Lawsuit!
XRP price is surging to the North despite the negative sentiments borne by the Ripple vs SEC lawsuit filed in December 2020. However, it now seems that the Ripple labs is moving a step forward every day, as the case is in favor of XRP.
SEC accused Ripple of distributing and selling its native token XRP which was an unregistered security. However, Ripple dug in and went to the roots to prove the accusations false, now making small wins against the SEC.
Recently in a hearing, the court dismissed SEC’s motion filed against some sensitive documents containing statements made by William Hinman, Ex-Division Director.
The statements were made on Bitcoin (BTC) and Ethereum (ETH) for not being under security. It looks that the court will soon dismiss the case against Ripple, creating a smooth path for XRP’s journey.
XRP Is Set For A 50% Spike This Month
XRP recently broke an important resistance level of $0.5 and is currently trading at $0.5184 with an uptrend of 5.46% from yesterday.
The immediate resistance level is placed at $0.5339, and it looks like XRP is ready to make a positive bounce of 53.4% following the positive progress of Ripple in court.
The technical analysis of the XRP price is also promising as it is forming a ‘cup’ pattern, which can take it to $0.75 by the end of October.
XRP has broken the neckline of the cup at $0.51 with an aim to start a bull run soon. If buyers hear the call and create buying pressure, it can push XRP above $0.8 or even accomplish a short-term goal of $1.
The 50-day SMA (simple moving average) is crossing the 200-day SMA, hinting at a strong bullish rally in the upcoming weeks.
The MACD red line is trying to rise above the blue line, indicating a positive territory for XRP price momentum.
However, on the other hand, the Bollinger band’s lower limit is at $0.485, which is a crucial support level that bulls need to defend.
XRP may retest its price at $0.41 and $0.35 if it breaks the support level, eliminating all the progress it made in a month.
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Source: https://coinpedia.org/altcoin/xrp-price-poised-for-50-spike-by-end-of-october-here-are-the-crucial-levels-to-watch/