A confident statement from Ripple CEO Brad Garlinghouse about how the SEC Lawsuit matter is advancing “exceedingly well” triggered a sudden 9.5% spike in the XRP price. With today’s price jump, the coin price strikers a cluster of technical resistance at the $0.8 mark, preparing for another leg higher.
Key points:
- XRP price hits at a cluster of technical resistance at $.8
- The intraday trading volume in the XRP is $2.93 Billion, indicating a 72% loss.
Source- Tradingview
On March 28th, the XRP/USDT pair recovery rally pivoted from the previous swing-high resistance of the $0.93 mark. However, the new correction fall breached the dynamic support trendline on April 6th, accelerating the selling momentum to the 0.618 Fibonacci retracement level.
However, with the long-coming XRP vs SEC lawsuit gradually favoring Ripple, the altcoin price rebounded from the shared support of 0.618 FIB and $0.7 support.
The four consecutive green candles rising from the mentioned support pumped the XRP price by 16.3%. Furthermore, with a 72% spike in daily volume activity, the coin price hits the $0.8 resistance with a better possibility of a bullish breakout.
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However, the technical chart shows a cluster of resistance levels at the $0.8 mark, such as 0.382 FIB level, 50-and-100-day EMA, indicating the sellers would mount a strong defense ahead.
Anyhow, if buyers give an honest breakout from the overhead resistance, the XRP price would pump another 15% to $0.93.
Technical Indicator
The 50-and-100-day EMA aligned with $0.8 resistance contributes to an additional edge for market sellers. Therefore, the buyers need strong momentum to undermine a cluster of technical resistances.
Furthermore, the daily-RSI(51) slope entering the bullish territory and a $0.8 price breakout provide an additional edge for long traders.
- Resistance level: $0.73 and $78
- Support levels: $0.7 and $0.63
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