XRP Price Faces Resistance at Key Levels Despite Positive Trend Pattern
- The Ripple coin’s price recovered from the $0.7 support level.
- One of the SEC’s arguments against Ripple was thwarted.
The XRP price has been anchored at a critical high time frame support level for months. The latest retest of this barrier should have resumed a strong run-up, but Ripple confronts many barriers, resulting in a curtailed rise.
The XRP price is likewise at the symmetrical triangle pattern’s support trendline. If it follows this trend pattern, the price might recoup some of its losses and climb near $1.1’s overhead resistance. It seems that the daily Relative Strength Index (43) is edging closer to the “neutral” mark. Furthermore, the chart reveals a bullish divergence, bolstering the case for a reversal in the market’s direction.
Using a morning star candle pattern on January 10th, the Ripple coin’s price recovered from the $0.7 support level. The price began to rise and broke over the $0.78 barrier. The price plummeted below the threshold after failing to hold above this level.
Likely To Be Limited at 10%
The 50-day Simple Moving Average (SMA) around $0.851 is a strong indicator that if XRP price starts another rise, it will likely be limited at 10%. Ripple’s 200-day simple moving average (SMA) is at $0.953. Therefore clearing this obstacle will let the price return to the 200-day SMA at $0.953.
Read More: XRP Price Prediction
Compared to the 10% rally to the 50-day SMA, the likelihood of this run-up to the 50-day SMA is much lower. Due to the existence of the 100-day SMA at $0.984, a breakout above the 200-day SMA is quite doubtful.
One of the SEC’s arguments against Ripple was thwarted when the court presiding over that case ordered the latter to turn over a lecture on Ethereum given by former Director of Corporation Finance William Hinman. According to CoinMarketCap, the XRP price today is $0.778611 USD with a 24-hour trading volume of $1,316,460,309 USD.
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