John Isige
The value of XRP, a cross-border money transfer token issued by Ripple, has steadied its movement above $0.4 unbothered by a bearish wave traversing the crypto market ahead of the United States Federal Reserve decision on the continued interest rate hikes later on Wednesday.
This positive sentiment toward XRP stems from the latest gearing of the LBRY vs. SEC lawsuit, which to a great extent suggested that Ripple might be waiting for a win in the case with the US Securities and Exchange Commission (SEC).
Importance of LBRY vs SEC Lawsuit Hearing to the Ripple vs SEC Case
From the onset LBRY vs SEC lawsuit has been a crucial factor in the determination of the Ripple vs SEC case. The lawyer representing the XRP army, John Deaton strongly argued in court citing grounds on which LBC tokens were found not to be securities by the judge. The outcome of this case is expected to play a crucial role in the determination of the Ripple vs SEC case, expected soon.
XRP Price Reacts To the LBRY vs SEC Lawsuit – How High Can XRP Go?
Investors are narrowing their sight glasses on XRP price following positive sentiments from the LBRY vs SEC case. Notice how the price held firmly to support provided by the lower boundary of the trend channel in confluence with the 100-day Exponential Moving Average (EMA) (in blue) at $0.39 and the 50-day EMA (in red) at $0.386.
Although the Moving Average Convergence Divergence (MACD) indicator had already flashed a sell signal, bulls appear to be having enough momentum to absorb the overhead pressure and chart another uptrend first to $0.45 and later to $0.55.
Depending on the strength of the breakout from the confines of the falling trend channel, stubbornly bullish traders may want to wait until XRP price reaches $0.80 and $1.00 before closing their positions.
The uptick in XRP price has been reinforced by improving interest from investors who may be betting on new long positions ahead of the final ruling on the Ripple vs SEC lawsuit. In addition to a spike in trading volume to $1.2 billion in a 24-hour period, the Money Flow Index (MFI) on the same chart, shows signs of the resumption of the uptrend.
The MFI tracks the trend of XRP price like the Relative Strength Index (RSI) by monitoring the flow of money in and out of XRP markets. A consistent move north would imply that investors are bullish toward XRP price and anticipate a sustained uptrend or a breakout. As observed from the daily chart, most investors have started backing a northbound move in XRP with a short-term target at $0.55 and a medium-term bull’s eye at $1.00.
Dark Defender, a renowned but anonymous ‘XRP bull’ outlines that the Super Trend indicator for XRP price is green in the weekly time frame. He argues its current position places the resistance in very close proximity to resistance meaning another strike on the hurdle would signal a breakout, welcoming wave three based on the chart below.
XRP-Jonny, an analyst and pro account holder on Tradingview, forecasts the possibility of XRP price rallying to $2.00. Although he believes XRP has the potential to reach $3.33 in a candle wick.
Meanwhile, the four-hour timeframe chart elucidates the short-term bullish potential in XRP price. Bearish advances were annihilated at the lower ascending trendline which is support reinforced by the 200-day EMA (in purple) around $0.3885.
XRP price continues to increase in value with the uptrend put in place by the 100-day EMA (in blue) and holding the ground at $0.3992. With the cross-border money transfer token closing in on the next hurdle at the 50-day EMA on the same four-hour chart, the next rendezvous for the bulls would be $0.42, where they are expected to fire up another rally eyeing $0.55 and $1.00, respectively.
While the MACD is slightly bearish on the daily chart, short-term analysis shows it could validate another buy signal in the coming sessions. Traders waiting to buy XRP may do so after the price steps above the 50-day EMA and the MACD line in blue crossed above the signal line in red.
The short-term MFI hits at increasing investor attention toward XRP. As investors scoop up the token ahead of the determination of the Ripple vs SEC lawsuit, odds may continue flipping in favor of a sustainable uptrend. Nevertheless, a short-term pullback may not be ruled out immediately, especially with Fed yet to decide on the expected interest rate hike.
A 25 basis points increase would match market expectations and would be bullish for the entire crypto market. However, increasing the rate by 50 basis points could put pressure on the bullish outlook, thus stifling cryptocurrency recovery.
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This article was written for Business 2 Community by John Isige.
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