Ripple Price Forecast: XRP Violates Double Top Pattern, Bullish Bias Dominates!

XRP/USD closed at 0.91590 after placing a high of 1.10390 and a low of 0.91590. After a sharp surge in the previous three consecutive days, XRP dropped suddenly on Wednesday. After a big success in the SEC hearing, Ripple (XRP) surged above $1 level for the first time since 2018 on Tuesday. The court granted Ripple access to the US SEC documents expressing the financial regulator’s interpretation or views about the crypto assets.

The San Francisco-based cryptocurrency firm hoped to find evidence the regulator was defining XRP at some point as being similar to BTC and ETH , and these two currencies were largely accepted as non-security instruments. The distinction is very important as the US SEC was alleging Ripple and its executives violated US securities laws in selling XRP to retail consumers. This case may lead to the court ruling about how and when a cryptocurrency can be considered as security that other startups in the US could use as informal guidance in the future.

The recent access to US SEC minutes and memos will provide Ripple with a clearer view of the agency’s interpretation or views about the cryptocurrency that will help in its case. However, despite this big achievement in the case, XRP declined on Wednesday, aided by the sharp downward momentum in the prices of cryptocurrency king, Bitcoin.

Bitcoin fell sharply for the second consecutive day on Wednesday amid the closure of long positions with a view of giving more space to the further rise in prices. This decline in BTC also dragged XRP prices on Wednesday. On the US Dollar front, the greenback was strong across the board after the release of FOMC minutes which weighed further on the prices of XRP/USD.

Daily Technical Levels
Support Resistance
0.85324 1.04124
0.79057 1.16657
0.66524 1.22924
Pivot Point: 0.97857On the technical front, the XRP/USD pair has started retracing lower to trade at the 0.9774 area as the pair has entered the overbought zone now as the RSI value holds around 84, and the MACD is closing massive histograms. On the higher side, the pair’s violation is likely to lead Ripple towards a 1.1750 level. Taking a look at the 20 & 50 periods EMA, these are staying far away at 0.6315, suggesting that the pair has entered the overbought zone, and it should show a little bit of a bearish correction until 0.9122 and 0.7548 before the continuing bullish trend. Let’s consider staying bearish below the 1.02440 level for now. Good luck!

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Ripple Price Forecast: XRP Violates Double Top Pattern, Bullish Bias Dominates!

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