- Summary:
- Bulls are targeting $0.55 for Ripple price after SEC dropped the lawsuit against Ripple executives. A breakout will make XRP price very bullish.
Ripple (XRP) price is making headlines as the cryptocurrency soared above the key psychological level of $0.50 this week. The price action seems to be fueled by the positive news as well as the bullish price action of Bitcoin. However, XRP coin is still struggling to break above a major resistance level which I will mention in my latest technical analysis.
On Friday, cryptocurrencies in general and Bitcoin in particular are experiencing strong buying pressure. The increasing geopolitical tensions and the macroeconomic concerns are driving the prices of Gold and Bitcoin higher. This suggests that BTC is on track to establish itself as a safe haven asset like precious metals.
After a 6.5% surge in its last session, XRP price turned red on Friday. At press time, the coin was down 0.35%. The negative price action comes on a day when most digital assets are experiencing increased buying pressure due to the bullish price action of Bitcoin.
In one major development in Ripple’s ongoing rift with the Securities and Exchange Commission (SEC), the regulator has dropped its lawsuit against the Ripple executives. The dismissal of the lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen comes after July’s court ruling that favored XRP.
Ripple Price Prediction
Our multidimensional technical analysis reveals that the bears are still trying to suppress the XRP price. As visible in the chart below, the $0.55 level is the biggest resistance as it lies at the current range highs. Another dynamic resistance is the 200 daily moving average which is mentioned as a red line on the chart.
My Ripple price prediction will flip only bullish if the coin breaks above the $0.55 resistance level and gains strength above this level. Currently, XRP is underperforming Bitcoin and is struggling to maintain momentum. A breakdown below $0.505 may open the possibility of another retest of $0.457.