(DAILY NOTION): XRP/USD: Bulls Burst on the Scene After So Long, Next Mover: Ongoing Legal Battle with SEC

Source: Yahoo Finance

In a glorious turnaround, on Jan 30, XRP/USD has risen from the ashes to hit $0.4882, from the day’s low of $0.2804. Although the price experienced a slight pullback after that, the price managed to fight back and moved upwards. At present, the price stands at $0.4783, with a Relative Strength Index (RSI) of 56. The RSI had reached a high of 81, an overbought condition, earlier today.

Analyst Anil Panchal from FX Street believes that key support levels to watch would be 0.4100, which is the previous resistance line from Nov 24, along with 0.3700 and 0.3370. Meanwhile, on the upside, 0.5167 is a key resistance level. It is to be noted that overall, he believes that further upside movement can be expected in this space, but at the same time, a short-term pullback should not be ruled out.

A key market mover surrounding XRP/USD would be the ongoing battle with the U.S. Securities Exchange Commission (SEC). The price of XRP/USD took a drastic tumble as a result of this lawsuit, with key exchanges delisting XRP/USD from their platforms. The latest update from Ripple is its filing of the Freedom of Information Act with the SEC. The company is enquiring why Ethereum is not considered a security while Ripple has.

In the meantime, XRP/USD fans are clearly cheering on the bulls, which made a remarkable appearance, after being absent for a while. But one can’t help but wonder: how long will the bulls remain on the scene, though?

XRP/USD (as of Feb 1, 2021, 10 a.m., GMT +8) - $0.4783

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