Ripple’s XRP token has seen steady gains over the past 24 hours, as buyers pushed it from its support level yesterday upwards. While an ambitious target like $0.50 may be out of reach today, that could change once this week’s highs have been demolished.
As of Thursday at 11:36 UTC, XRP was trading at $0.44, showing gains of 2.8% over 24 hours and 2.7% in seven. Of the top 100 cryptocurrencies by market cap, XRP saw one of the strongest performances with its 33.2% rise over 30 days.
Last Friday, the token reached an all-time high of $0.56 before experiencing a dramatic fall over the following weeks. While sellers dominated, buyers soon returned on Wednesday and managed to drive its value up from $0.42 support zone.
Are traders hoping that XRP will see another upswing after it touched support yesterday, or will its downtrend persist from recent days? That is the question for them now.
Technically speaking, the token’s short-term trend is positive as evidenced by its hourly chart which displays rising lows since 8am UTC market bottom on Thursday morning.
Looking at the daily timeframe, we can see that $0.385 may become a support after previously serving as resistance. Furthermore, its relative strength index (RSI) has fallen out of “overbought” territory and now appears neutral; suggesting that daily trend may be shifting neutral.
The initial challenge to any potential upside would be Wednesday’s high of around $0.45, should this level be broken through, further upside towards earlier this week’s highs around $0.50 may occur rapidly.
Ripple Court Case Lingers On
Cryptonews.com reported that XRP fell 11.0% within 24 hours due to Ripple vs SEC legal battle.
Ripple and the SEC have now reached the point in their case where both have asked the court for summary judgement to end it all, effectively signalling its imminence. While a decision will not come quickly, both parties’ requests indicate its inevitable arrival.
Ripple faced legal action from US financial regulators in December for selling XRP tokens to investors.