XRP, currently trading at $1.28, is in the bullish zone as MACD [for XRP/USD] seems to be gaining momentum.
Support Levels
After recording a 90-day high of $1.35 on Aug 15 and falling back below $1.10 on Aug 18, XRP is again on its way to surpass the $1.35 price level.
While XRP remains in the bullish zone as 4-hour MACD for XRP/USD is gaining momentum, it currently seems to have support at $1.20. If the taken falls further below $1.25 and then $1.15 it could found support levels at $1.18 and $1.08, respectively.
Resistance levels
On contrary, as the technical indicators suggest, if XRP continues to trade at the similar price mark as it currently is, it will be facing resistance at $1.25 and $1.30. Given the market remains stable, if the XRP shatters resistance at $1.30, it is rather plausible to believe the token will eventually cross $1.33 as the RSI for XRP/USD is still above the 50 level.
XRP Price Action and the Lawsuit
Moreover, besides all the technical indicators, the single most critical determinant of token’s price is the lawsuit Ripple[XRP’s parent] is fighting. Previously XRP was pushed below the unprecedented lows as result of the factors in play due to the lawsuit.
As, at the same moment, when the whole industry was booming, during the late DEC last year, XRP was waning. But later, when the market was stumbling, XRP was performing pretty well. This unusual behavior shown by the XRP was lead by the SEC-Lawsuit.
Whereas, in the last couple of months, XRP has been able to catch up with the market. Now, though the lawsuit will still be influencing XRP’s price action, its strength has been reduced drastically as no single party, neither Ripple nor SEC, is emerging as the victor yet, and everything remains in the grey zone.
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