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XRP Price Analysis: XRP Eyes $1.35 As Bulls Hold Key Support After Rising 100% Last Week

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-XRP Price holds strong support after 100% increase in 7 days
-Clear Bull Pennant has formed on XRP price 4 Hr Chart
-Ripple wins access to SEC’s internal documents on BTC & ETH

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XRP Price has been holding support well after the token price rose nearly 100% in a week. The currency has suffered the last 4 months in light of the SEC Lawsuit claiming Ripple illegally sold XRP as a security.

XRP Vs SEC: Tables Turning in Favor of Ripple

XRP Price has been holding support well after the token rose nearly 100% in a week. The currency has suffered the last 4 months in light of the SEC Lawsuit claiming Ripple illegally sold XRP as a security. In comparison to other large cap cryptocurrencies, XRP is among the lowest gainers in this Bull Market. This may soon be changing as XRP has awoken from a 3 year slumber.

Even though the current lawsuit of Ripple V. SEC is still in progress, Investors seem to be taking a bullish view of the cryptocurrency in light of a potential early settlement. The Ripple team has recently been granted access by the judge to any internal documents of the SEC discussing XRP, BTC or ETH.

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In addition, less than 48 hours ago the judge denied access to Brad Garlinghouse’s & Chris Larsen’s personal financial records. The judge claims it is irrelevant to the case and wants to keep focus on the utility of XRP & whether it is classified as a security or not. Ripple is quickly gaining checks against the SEC and a lawyer has recently stated the case is likely to end in an early settlement.

XRP Price Analysis: 4 Hour Chart

XRP Eyes $1.35 As Bulls Hold Key Support

In the last 4 days, the 4H chart of XRPUSD has formed a bullish pennant. The key resistance holding back the XRP Price from a wave of buying is $1.10. The top trend line of the bull pennant (black) needs to break and hold for XRP to give a try at its $1.10 resistance. If this resistance can break, XRP will fly to levels of $1.25+

In the scenario that the XRP Price breaks the bottom trend of its bull pennant, we can expect price to be held by the $0.90 support. If this level fails to hold, XRP will see dips to low $0.80s.

The last five 4H candles have closed as dogi’s. This is a warning that a big price movement is building up. While looking at the regular RSI (purple line), we can see it has been flat lining & refusing to dip below 50. There is a similar story with the stochastic RSI (orange & blue) as it is rising slowly after a reset to oversold conditions. These two indicators look ready for another leg up.

XRP Price intraday levels

  • Spot rate: $1.04
  • Trend: Sideways
  • Volatility: Low
  • Support: $0.90
  • Resistance: $1.10

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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