Unlike the market leaders, Bitcoin and Ethereum, one currency defied the current bear market and outperformed the others. This could be related to recent significant progress in the Ripple vs. Securities and Exchange Commission (SEC) dispute. To avoid a trial, the parties filed papers with the court on September 12 and agreed on a December 22 summary judgment date.
During intraday trade, XRP’s price reached its highest level in four months, reaching $0.5523. The 23% increase from Thursday is currently lifting the market higher since it’s trading above 200 MA in the daily chart.
XRP/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)
Above is the one-hour chart of XRP/USDT. The chart shows that XRP is now trading above the 200MA. XRP’s current support is between $0.4614 and $0.4483. XRP dropped from its $0.5530 level and is now slowly moving toward its upper support level. XRP is moving under its 0.5192 price level after a break above the 50% fib retracement level of the downward move from $0.5530 swing high to $0.4560 swing low.
The relative strength index of XRP is 45.44. After reaching a significant level, an RSI value under 50 means investors start selling their XRP rather than hodling. It is advisable to wait for a few reversal patterns to enter trade for a better risk-to-reward ratio. If XRP breaks the current support level, we can expect XRP to reach the previous support level of $0.4282.
According to CoinMarketCap, XRP is ranked number six. Within a week, XRP fluctuates between $0.3725 and $0.5523. There are 49,848,747,475 XRP in circulation, and their value has hit $0.4622. Furthermore, the price has dropped by 5.72 percent in the last 24 hours.
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Source: Cryptocurrency - investing.com
