Ripple price analysis seems to be looking upwards again, as price consolidated above the earlier support point at $0.30 over the past 24 hours. The current trend carries potential to break an extended horizontal trend that has been in place since June 14, 2022, after a steep decline earlier in the month. Price lowered below support at $0.30 but now finds an interim bottom around this point after breaching the first major resistance level at $0.33 over today’s trade.
XRP also dealt a setback in its lawsuit with the US Securities and Exchange Commission today, as the SEC filed a request to prevent Ripple Labs from sealing sensitive documents known as “Exhibit 0”. The court ruling on the lawsuit is certainly expected to alter the course of the current trend for XRP, which will require broader crypto market support to extend the current rally up to $0.35.
The larger cryptocurrency market posted further consolidations following on from yesterday’s uptrend, as Bitcoin rose past the $21,100 mark with a 6 percent uptrend. Ethereum also trended upwards, moving up to $1,150 with a 4 percent jump. Among major Altcoins, Cardano rose up to $0.49, while Dogecoin rose up to 12 percent to reach $0.06. Solana also made significant inroads towards the $37.5 mark with an 8 percent jump, while Polkadot jumped 3 percent to reach $7.96.
Ripple price analysis: XRP market valuation picks up on daily chart as indicated by RSI
On the 24-hour candlestick chart for Ripple price analysis, price can be seen consolidating above the $0.33 resistance after an extended horizontal trend had been in place. Price rose above support at $0.30 yesterday and is gradually headed upwards amid growing buyer interest. XRP will still need greater buyer impetus to push up to the $0.35 mark and possibly further extend the current rally up to $0.38.
However, market valuation for XRP can be seen on the up with the 24-hour relative strength index (RSI) moving into the 40’s. Whereas trading volume over the past 24 hours also shows a 4 percent decline, suggesting traders are holding off on sell outs at current trend. Price is expected to move past the crucial 50-day exponential moving average (EMA) at $0.332 but an uptrend may be capped at $0.38. Furthermore, the moving average convergence divergence (MACD) curve shows higher lows around the neutral zone, suggesting price won’t remain stagnant for long with an expected spike in demand.
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