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- A summary decision in the Ripple and SEC case is expected soon.
- Ripple (XRP
) price may show further upward trend in the coming days.
As the summary decision in the Ripple and SEC case approaches, XRP traders remain undecided. Current support and resistance levels for XRP.
XRP Price Rises Despite Decrease in Network Activity
Since 2020, XRP has been trying to remain relevant and valuable for its investors. The attack by the US Securities and Exchange Commission on the project brought an unexpected sharp drop. However, in the midst of the ongoing case, XRP resisted and led supporters to appreciate it as a watchable asset.
Although the price has seen some pullbacks and rallies, the trend is aligned with fluctuations in the overall crypto market due to environmental factors. XRP surpassed the first five assets with a price increase of 2.33% in 24 hours.
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The current price outlook for XRP is positive. The asset is trading above its 50-day and 200-day simple moving averages.
XRP price increased by 2.33% in 24 hours to $0.4814. Seven-day price increases also show a 5.89% increase in the same period.
The difference between XRP’s opening and closing prices has indicated an upward trend since April 28th and continues today. There is hope for more gains as it remains above its SMAs.
However, trading volume decreased by 48.86% in 24 hours. This indicates the uncertainty of traders, considering Judge Torres’ upcoming summary decision.
XRP Technical Outlook
The Simple Moving Average (SMA) indicator calculates XRP’s closing price in recent days. XRP is trading above the 50-day and 200-day Simple Moving Averages (SMA), indicating strong bullish signals in the market from days to weeks ahead.
For the past 39 days, since March 21, 2023, there have been continuous Buy signals from the 200-day SMA, while a Buy signal from the 50-day SMA occurred on April 27, the last two days. Therefore, XRP price may experience more.
Meanwhile, XRP’s Relative Strength Index (RSI) value is 49.02 at the time of writing. Its upward movement shows that the indicator is gradually approaching the overbought zone (above 70). Thus, there may be a possible price increase for short and long-term trades.
XRP’s Moving Average Convergence/Divergence (MACD) confirms the asset’s current price decline as the signal line is below it. However, the faint histogram bar represents a possible price increase in the near future.
The support levels for the asset are $0.3074, $0.3622, and $0.4105, while the resistance levels are $0.5527. XRP is trading below the $0.5527 resistance level. If the upward pressure continues, the asset may break this resistance level.
According to the indicators mentioned above, XRP has a promising price outlook in the coming days and may extend for weeks. Therefore, we expect more rallies.