The weekend seemed to be quietly bullish as the majority of tokens staged a recovery before the start. The However, the technical factors remain bullishly in favor, suggesting that the price may maintain a horizontal consolidation for a while or undergo a small pullback before the next price action.
The Ripple vs SEC lawsuit is making a huge amount of noise as settlement rounds float in the crypto space. Authorities have scheduled a private meeting to discuss a possible settlement with XRP. These rounds have had a heavy impact on the XRP price, which recently tested the resistance zone above $0.6. Now that the price has fallen below crucial support, is there any chance of a recovery?
In recent months, the Furthermore, the price is also testing the 200-day MA at $0.5448. Therefore, it is necessary for the price to surpass this resistance to enter the resistance zone. Fortunately, the RSI has staged a bullish reversal and the MACD is showing a decline in selling pressure, confirming this bullish statement.
The XRP price has recently endured massive sell-offs, while the accumulated buying volume is extremely small, relatively speaking. This may raise concerns about the next price action as bearish dominance appears to be greater than that of the bulls. Therefore, it could be extremely crucial for the rally in the coming days as the failure to rise above the resistance zone could hamper the rally’s progress.
However, a rise above the resistance could push the XRP price towards the higher targets above $0.65. This could further increase the range beyond the yearly highs of $0.75, which could further help the price reach $1 in the future.
