XRP Skyrockets 20% Weekly on SEC News But There’s a Catch (Ripple Price Analysis)

Ripple is up 20.6% over the past week. After more than 100 days, the bulls were able to close a candle above $0.40 on favorable news associated with the trial against the US Securities and Exchange Commission.

Technical Analysis

For Grizzly

The daily chart

The horizontal $0.4 level (in yellow), which has consistently prevented the price from moving higher, has now become support on the daily chart. With a 14% green candle yesterday, XRP bulls have now set their sights higher. If they manage to take the price towards $0.49, this would also result in the crossing of the 200-week and 200-day moving average lines (shown in white).

It’s worth noting that later today, the Fed is due to announce its decision on whether or not to raise interest rates one more time. So far, this has caused huge volatility in the market on each occasion.

Bullish sentiment would remain strong as long as the pair does not fall below $0.4. If buyers can’t hold this level, $0.36 is the first significant support.

Key levels of support: $0.4 and $0.36
Key resistance levels: $0.45 and $0.49

Daily Moving Averages:
MA20: $0.35
MA50: $0.35
MA100: $0.34
MA200: $0.48

Source: TradingView

The XRP/BTC chart

Against Bitcoin, XRP is currently too bullish. The recent gains of 40% are proof of that. Horizontal support has already been reached at 2200 SAT (in red), an important level in price history.

The 200-week moving average, currently at 2870 SAT, serves as the next resistance (in yellow). The test of horizontal support at 1800 SAT (in green) is also healthy until the price breaks below.

Key levels of support: 1800 SAT and 1550 SAT
Key resistance levels: 2200 SAT and 2870 SAT

Source: TradingView

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