For 24 hours, the price of the XRP token of Ripple is up, after investors pushed it up from a strong support zone yesterday. And while $0.50 is a little tight today, this high price level could come into play once this week’s highs are hit.
Thursday at 11:36 UTC, the XRP was trading at $0.44, up 2.8% over the past 24 hours and 2.7% over the past 7 days. The token also stands out as one of the best performing tokens over the past 30 days among the top 100 currencies by market cap, with a gain of 33.2%.
The profits today came after the token hit a high of $0.56 last Friday, which was followed by a nearly week-long sell-off. Selling intensified in recent days, before investors entered the scene on Wednesday to push the price higher from its $0.42 support zone.
Now, the question for traders is whether XRP will continue to rise after breaking through the support zone yesterday, or whether the downward trend of the past few days will rather resume.
By analyzing the token from a purely technicale, it is clear that the short-term trend is now up. This is clearly visible on the hourly chart, with a series of higher lows since the market bottomed yesterday around 8am UTC.
However, zooming in on the daily time frame, we can see that a drop to previous resistance, now support, around $0.385, could be considered. It should also be noted that the daily Relative Strength Index (RSI) has moved out of overbought territory and is now in the upper half of the neutral zone.
On the upside, the first major hurdle would be Wednesday’s spike around the trading zone. $0.45. If this level is breached, a further rise towards the early week highs around $0.50 could thus be seen in a relatively short period of time.
Ripple’s lawsuit remains pending
As reported Cryptonews.com On Wednesday, XRP fell 11% in 24 hours as the legal battle between Ripple and the SEC continues.
The latest news from the case is that Ripple and the DRY asked the court to enter summary judgment on the case, which would mark the end of it. Such a judgment will not be made immediately, but the fact that both sides have demanded it means it is now on the horizon.
Ripple has been embroiled in a legal battle against the US financial regulator since December 2020, when the SEC filed a lawsuit against the firm over its sale of tokens XRP to investors.