Ripple XRP’s action today attempts to break the $0.50 resistance level which has proven to be tough in recent trading sessions. Ripple is currently changing hands just below this all-important level at about $0.47, with multiple resistance layers hindering its way up.
The 50 EMA around $0.50 brings to the fore a psychological resistance point on the technical landscape for XRP. In addition, there are also other significant barriers such as the 100 EMA at $0.52 and the 200 EMA at $0.53 above it. These levels have not been surmountable as volumes traded fall short of what would sustain a breakout thereby indicating weak buying momentum.
XRP price movement so far has been alternating between gains and minor pullbacks with its most recent high touching $0.4880 before correcting lower back toward approximately $0.4765 support that bulls are trying hard to maintain; besides, 100-hourly SMA stays above $0.4750 protecting prices and signaling potential consolidation ahead of any major breakouts.
XRP Struggles Below the $0.50 mark
This technical structure for XRP shows mixed feelings among traders. The Relative Strength Index (RSI) is currently around 40, neutral but slightly tilted towards lack of strong purchasing power like volume which cannot be described as being sufficient enough to push the pair significantly higher than current levels; moreover, prices have remained under pressure from both moving averages (100 EMA/200EMA) located only slightly above them acting as additional hurdles or sellers’ walls.
Therefore, without positive developments in Ripple Labs vs SEC suit or generally buoyant market sentiment pushing it past these critical levels, XRP may remain confronted by a stiff resistance zone.
On its upper side if XRP can close above its resistance line near $0.50 it could open doors for retesting upward resistances at $0.52 and eventually $0.53. On the other side of the coin, if this support around $0.4765 fails to hold, it may cause a revisit of lower support about $0.45 where there used to be stability before.
XRP Whale Moves 63M Coins Amid Ripple’s Legal Advances, Stirring Market Uncertainty
Surprisingly a prominent XRP whale sent 63 million coins worth $30.63 million to exchanges Bitstamp and Bitso while Ripple is gaining legal ground against SEC. This transaction was tracked by Whale Alert when Ripple filed a Notice of Supplemental Authority seeking to support its arguments in court over the SEC v Binance case which they claim was concluded improperly showing how the agency has wrongfullclassified cryptos as securities which could potentially mitigate any fines or injunctions imposed by authorities on them save for some positive developments emanating from Ripple’s ongoing legal battles with the SEC; however, large scale sale by another big holder has cast doubt on sentiment regarding price prospects in the near term for XRP.
