Ripple has been in the news lately due to a lawsuit filed by SEC against its CEO Brad Garlinghouse. As per the latest data, Ripple is listed and ranked seventh on CoinMarketCap. Amidst this, Analytical Platform Whale alerts caught this transaction. It also reported a total transfer of around 40 million XRP.
The CEO of Ripple expects that the new administration at SEC could help solve the differences between the Government and Ripple. There have been reports of a possible deal with the two parties. If this deal goes through, there might be a huge surge in the price of XRP.
XRP Price Analysis
Decent transaction volumes worth $4,721,470,179 have taken place in the last 24-hours, according to CoinMarketCap. This volume is 15.73% more than that of the previous trading session. Experts suggest that if XRP does not dump in two trading sessions, there is potential to break the multiple resistances at $0.59 and $0.6 and fly above $0.65. XRP’s market cap stood at $26,509,501,012 after increasing by 2.37% in the last 24 hours.
Ripple(XRP) has held its prices above the trend line, consolidating over $0.54 levels. 30 Minutes candle chart trend-line shows the currency still in bullish momentum. A single trading session with a good buying spree could elevate the XRP to $0.8 or above.
The descending pattern with a support trend line signifies Bullish momentum, and the Bollinger band supports the reasoning by narrow difference at the neck. Even the EMA, MACD indicates bullish momentum.
The Bollinger Bands indicate price alignment with the upper Bollinger band and even crossed it, strengthening the possibility of another breakout targeting $.8 shortly.
The RSI levels are at 55 and pivoting around the same. Although the RSI indicator is calculated for 14 days generally, sufficient volumes are being held by investors. Any positive news could attract investors towards Ripple(XRP).
Looking at the Fibo charts, Ripple has sustained well at 0.36 and above. The tool suggests that the targets could be set to $0.8 and above if the resistance levels at .5 get broken and selling pressure decreases.
Resistance levels: $0.59 and $0.6
Support Levels: $0.54, $0.52