Ripple coin made a reversal in July, after being quite bearish since April, when it printed a high at just below $2. It was looking more bearish than many other cryptos, which continued to be bullish until May, and eventually it lost nearly 75% of its value, when the price fell to $0.50.
The bullish reversal wasn’t too promising either, with the 200 SMA (purple) acting as resistance for nearly two weeks. That lasted until the second week of August, when it surged higher, breaking above the 200 SMA and pushing the price above $1.30.
But, XRP/USD retreated lower again, and we haven’t seen a close above that round level. In fact, $1.30 has turned into a solid resistance level for Ripple coin, while the area around $1.05 has turned into a solid support zone. The price has been bouncing inside this range for more than two weeks now, while Bitcoin and most of the crypto market are in a consolidation period as well.
That is not a bad thing though, since buyers need some time to consolidate their gains before going for the next push higher, which might actually be underway. BITCOIN has moved well above $50,000 and is heading for $51,000 at the moment, while ETHEREUM is absolutely surging once again. So, buyers are taking charge again in cryptocurrencies, and it seems like Ripple will take advantage of that as well. If $1.30 goes soon, then $1.50 will come next.
The bullish move still looks a bit weak for XRP/USD, but the 20 daily SMA (gray) caught up with the price earlier, and it is pushing Ripple higher. The legal drama with the SEC (Securities and Exchange Commission) is heating up again. Ripple filed a new motion in court recently, demanding that the SEC b forced to produce information regarding its own employees’ XRP holdings. Ripple’s legal team has offered the agency the option to provide this information by redacting personal information or even sharing it in aggregated form. What the company aims to do with this latest move is to attempt to prove that the SEC did not have any issues with its employees trading cryptocurrencies until 16 January 2018 – and before this time, the SEC did not consider digital currencies as securities.