Will Ripple (XRP) be able to update the all-time high if the SEC finally wins?
Date: 2023-07-16 Author: Karina Ziganova Categories: BLOCKCHAIN
On July 13, the price of the native token of the Ripple project increased significantly, reaching a new annual high of $0.94.
The reason for the impressive rally was the positive news in the case of Ripple against the SEC and the re-listing of XRP by the largest crypto exchanges Coinbase and Kraken.
However, the litigation is not over yet, since the sale of the token to institutional investors was still recognized as a violation of federal securities laws. that the company violated federal law by selling XRP directly to investors.
Let's figure out if XRP has a chance to gain a foothold above $1 and reach new records in the near future.
The price of Ripple has almost doubled
XRP is trading below the descending resistance line, which has repeatedly led to rebounds, since March 29. The last of them occurred on June 22.
However, on July 13, the price of the asset almost doubled, pushing off the resistance line and reaching a new annual high of $0.94. As we noted above, the catalyst for the breakthrough was the positive verdict in the case of Ripple against the SEC.
After that, XRP sank slightly and is now trading below the horizontal area of $0.87, which now acts as resistance.
The daily RSI supports the resumption of the rally: the indicator is above 50 and continues to grow
Will XRP price be able to reach a new high?
The weekly timeframe also gives bullish signals. The price of XRP bounced off the long-term downward resistance line, which lasted 700 days, which confirms the legitimacy of the breakout. The weekly RSI, like the daily RSI, is above the 50 level.
As we noted, Ripple is currently trading below the $0.87 horizontal area, which is significantly less than the all-time high of $3.30. However, if the price manages to overcome this level, the only serious resistance will be the $1.70 mark. Having broken through it, the asset will rush to new highs.
A close below the $0.87 resistance area, in turn, would lead to a significant pullback. If this happens, the price of the token could fall to the nearest support at $0.55.
