Ripple’s XRP has rebounded to the $0.55 range, with a 3.5% surge in the 24-hour.
XRP shows a potential long-term bullish trend as it holds above the 200-day EMA.
XRP, the fifth largest cryptocurrency by market capitalization, has surged by over 3.5% in the past 24 hours. This rally comes on the heels of a recent decline that saw XRP’s value plummet to a low of $0.47, marking a new low from its recent stable range of around $0.60.
The cryptocurrency had a positive start to the week, experiencing a significant rally from a drop of more than 18%, pushing its value up to the $0.55 range. Interestingly, this weekend’s dip occurred without any new court rulings or filings from either the U.S. Securities and Exchange Commission (SEC) or Ripple, the company behind XRP. With the lack of court activity on Sunday, investors were left to react to the implications of the SEC filing that had taken place on the previous Friday.
The ongoing legal battle between the SEC and Ripple remains a central point of focus for the cryptocurrency community. The SEC’s move to appeal Judge Torres ruling on programmatic sales has garnered substantial attention. Ripple has until September 1 to respond to the SEC’s latest filing.
XRP 24-Hour Market Status
Technical analysis of Ripple’s native crypto reveals a mixed picture. On the daily chart, XRP/USD stands below the resistance range of $0.5750 to $0.5900. The recent upward carried XRP past the 200-day Exponential Moving Average (EMA), a positive development. However, the crypto still remains below the 50-day EMA, which indicates a bearish short-term outlook but a potentially bullish long-term trend.
XRP Price Chart (Source: TradingView)
Further, the Relative Strength Index (RSI), a key indicator, currently stands at 37.92, indicating a prevailing bearish sentiment among traders. This sentiment aligns with XRP’s position below the 50-day EMA, suggesting further decline towards the support range of $0.4920 to $0.4780.
Nevertheless, if the cryptocurrency manages to maintain its position above the 200-day EMA, it could stir the bulls to attempt a breakthrough of the $0.5750 to $0.5900 resistance range as well as breach the 50-day EMA.
At the time of writing XRP traded at $0.5328, climbing about 3% in a day. On the other hand, the altcoin holds a 24 hour trading volume of $1.5 billion, which soared 48%, as per CoinMarketCap data.