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Over the past 24 hours, XRP holders have been surprised by fundamentally positive news. The Ripple Foundation will argue that the SEC did not report that XRP could potentially violate US law.
Accordingly, the SEC's actions against Ripple's fair affirmative defense are rejected. The purpose of the following analysis is to assume the reaction of the price to this news.
Technical Analysis from Grizzly
DAILY SCHEDULE
Ripple (XRP) was one of the altcoins that formed higher lows after the cryptocurrency market began a consolidation phase in January 2022.
Despite yesterday's news, which raised prices by more than 10%, one should be skeptical about the high volatility of the market and the collapsed main support levels, which have now turned into resistance levels.
Initially, XRP failed to overcome the dynamic resistance (marked in blue on the following chart). Further, the static resistance at $0.9-1, which has intersections with the 200-day line, has become a significant barrier for XRP.
On the other hand, the demand zones at the level of 0.7 and 0.6 US dollars can be considered as areas where the price can find strong support in the near future.
FOUR-HOUR SCHEDULE
After yesterday's news, the price broke out of the symmetrical triangle and is now forming a pullback model. This can be seen in the following 4-hour time interval
If the macro does not affect the overall cryptocurrency market, there is a possibility of retesting the static zone at the level of 0.85 US dollars. This short-term positive momentum is supported by the MACD indicator reaching the bullish area.
result
Given recent developments in Ripple's favor, it seems that buyers' FOMO contributed to a 10% daily increase. At the same time, given the current uncertainty in the markets, short-term speculators should exercise caution when entering the market. Any sudden fluctuations in the bitcoin market can change everything, especially when trading volume is close to multi-month lows.
