XRP Worth Evaluation: XRP / USD In Upward Consolidation To $ 0.64 Due To XRP Holders Victory In SEC lawsuit
The general positive mood on the crypto market extends into the weekend meeting. Selected tokens rise as the majority consolidates the gains made during the week. After XRP fell to lows of $ 0.398 on March 15, the XRP market has maintained its consolidation sentiment. In another twist, following the XRP holders’ victory to intervene in the SEC lawsuit, XRP rose three days in a row from a low of $ 0.51 on March 31 to what it was at the time of publication of $ 0.61. With an intraday high of $ 0.6464, the digital asset has risen 6.52% in the past 24 hours and 15.22% for the week since then. The XRP market cap ranks 7th at $ 28.69 billion with a trading volume of $ 6.75 billion in the last 24 hours. XRP owners are now calling for victory as Attorney John Deaton has been allowed to file a motion on their behalf to intervene in the SEC’s ongoing lawsuit against Ripple Labs. It did so after Judge Analisa Torres accepted the token holders’ claim that their interests were not adequately represented in the ongoing case.
* *The XRP market has maintained its consolidation mood
* *XRP has since gained 6.52% in the past 24 hours and 15.22% for the week
* *XRP holders are now demanding victory as attorney John Deaton was allowed to file a motion on their behalf
Resistance Levels: $ 0.8290, $ 0.7707, $ 0.6751
Support levels: $ 0.5507, $ 0.5000, $ 0.4000
XRP / USD Daily Chart: Area
XRP / USD Daily Chart
XRP revived the positive rise from lows near the MA 50 ($ 0.50) on March 30th. After three days of positive trading, the bulls managed to drive XRP to the overhead resistance of $ 0.6464. The recent rebound attracted more sellers in the supply zone to the $ 0.6464 level. A bullish breakout above $ 0.6464 could push offers to $ 0.675 and $ 0.6868 respectively. Any move higher above these levels could face resistance at the $ 0.77 high for the year.
A break above this level would start the next leg of the uptrend with a target of $ 1. The RSI drops below the 70 thresholds. Otherwise, on a break below the MA 50, the XRP price movement would stay between $ 0.42 and $ 0.64 in a consolidation. Further declines could re-test the rising trendline support at around $ 0.40 again. XRP recovered from this support level on a few points.
XRP / USD 4-hour chart: area
XRP / USD 4 hour chart
XRP price is returning after falling from the $ 0.64 resistance. However, the XRP / USD pair remains well above the 4 hour MA 50 and 200. A decline below the MA 50 at $ 0.567 could re-test the support at $ 0.52 ahead of the MA 200 ($ 0.498) . More downside pressure below the MA 200 could pave the way for the bears to hit the March 15th low of $ 0.40.
On the contrary, XRP price can consolidate above the MA 50 to gather enough strength before the next surge. XRP price can challenge higher values with a sustained break above $ 0.64. When the upside break occurs, the next violent barrier is waiting around $ 0.77. To sum up, the XRP price, which hasn’t found acceptance above $ 0.64, has caused the bulls to enter a phase of consolidation ahead of the next spike.
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