Ripple price recovery steadies despite the SEC’s lawsuit uncertainty

By John Isige
Published February 10, 2021 Updated February 10, 2021
Best Buy In

Exchanges

Sportsbook

Wallet

Ripple

Ripple price recovery steadies despite the SEC’s lawsuit uncertainty

By John Isige
Published February 10, 2021 Updated February 10, 2021
  • Ripple holds the uptrend in place following a rebound from the primary support at $0.35.
  • XRP must break above the 50% Fibonacci level to sustain the recovery eyeing $0.75.
  • A correction will come into the picture if XRP’s upside remains capped under $0.5.

Ripple is making a gradual but steady recovery after recently suffering a big blow. The cross-border token was pumped massively early last week although it immediately dropped like a stone in the air. The bulls took refuge at $0.35, assisted by the 50 Simple Moving Average on the 4-hour chart.

Meanwhile, XRP has regained the lost ground above $0.4 and is currently battling the crucial hurdle at $0.5. The steady recovery is happening even with the lawsuit filed by the Securities and Exchange Commission (SEC). The regulator alleges that Ripple together with its top executives sold unregistered tokens to investors.

Ripple maintains that the XRP token is not a security but this lawsuit and other class-action cases filed against the blockchain startup claim the firm breached the Securities Act.

At the time of writing, XRP is dancing at $0.49 and is almost hitting levels above $0.5. Trading past this crucial zone could be a turning point for XRP. More buyers are likely to join the market as their confidence in recovery rebuilds.

Simultaneously, Ripple will have to settle above the 50% Fibonacci retracement level to confirm or validate the expected upswing back to $0.75. The Moving Average Convergence (MACD) is making subtle hints that XRP is having a bullish impulse. It is essential to keep in mind that the uptrend may face other hurdles at $0.6 and $0.7 before running further up toward $1.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Failure to break above $0.5 and settle beyond the 50% Fibo may attract increased selling orders. Therefore, XRP is could break down toward the 50 SMA and $0.4. If push comes to shove the bearish leg may extend to the primary support at $0.35.

Ripple intraday levels

Spot rate: $0.48

Relative change: 0.015

Percentage change: 3.2%

Trend: Bullish

Volatility: Low

 

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1146 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Loading Next Story