XRP, the native token of Ripple Labs, seems to bring some bullish vibes to Ripple’s community as it prepares for a fresh upward rally to $0.5.
Payment giant Ripple is also on the verge of winning the lawsuit against the US regulator Securities and Exchange Commission (SEC) as Stuart Alderoty, Ripple’s advocate, confirmed that the firm has been granted William Hinman’s speech which is essential for taking Ripple to the victory line.
XRP price has been showing consistent performance since last week as it has maintained to attain a 10% upward momentum despite a decline of 18% last month.
Court Filings Continue To Draw Attention
Amicus curiae advocate John Deaton made some views on the SEC Vs. Ripple court filings as Ripple delivered over 3000 XRP holders’ affidavits to strengthen the winning chance.
Alderoty said, “It was well worth the fight to get them. I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”
Crypto analysts state that Ripple is currently in a strong position with access to Hinman’s speech. Prominent crypto strategist @FeraSY1 believes that XRP may soon make a bullish reversal to $0.55 following positive market sentiments.
XRP To Trade Above $0.5 Soon!
The last week was bearish for XRP as it retraced downwards from a high of $0.53 to $0.44. However, the bearish trend now seems to end here as the XRP price chart brings some relief by forming bullish candles.
According to CoinMarketCap, XRP is currently trading at $0.45. XRP has recently made a breakout above $0.47 and tried to make another attempt to break its resistance level at $0.5.
Looking at the daily chart, the 55-day simple moving average (SMA) is moving above 200-day SMA, indicating a short-term bullish momentum.
The Bollinger band’s upper limit is $0.54; if XRP maintains its price above the resistance level, we can see a further bullish move to the next resistance level of $0.6.
The RSI-14 is making an upward curve and roaming near 46-level, hinting at a support zone for the XRP price above $0.5. Conversely, the MACD line is not promising as it trades in negative territory, indicating a sharp bearish trend after a short-term upward momentum.
The Bollinger Band’s lower limit is at $0.42, which is a fundamental support level in the price chart. If this support level breaks, XRP may sharply fall to $0.36.
However, the current market sentiments favor XRP as it is getting widely adopted by investors amid the crypto winter. Moreover, Ripple’s further win against the SEC will significantly push XRP to the North.