XRP Consolidation Continues, But Touches Target Next Resistance at $0.7 – Ripple Price Analysis

Ripple’s price has been consolidating in both USDT and BTC pairs, unable to move decisively in either direction.

This has left many market participants frustrated as XRP does not follow other large-cap cryptocurrencies.

By TradingRage

The USDT wall chart

In the daily timeframe of the USDT paired chart, the price of XRP has been moving within a symmetrical triangle pattern. Currently, the $0.5 level is holding the price, preventing it from going lower. However, the market has also failed to rally towards the 200-day moving average located around the $0.6 resistance zone.

If the asset finally breaks above the triangle, investors can be optimistic that a move above the 200-day moving average and towards the $0.7 resistance level would be likely.

The BTC paired chart

The XRP/BTC pair shows even lower volatility as the price has practically been moving horizontally. The market has been hovering around the 800 SAT level for almost two months. However, with the long-term downtrend and the relative strength index still showing values ​​below 50%, an even deeper decline seems likely at the moment.

Ripple vs. SEC

Finally, the price of XRP posted impressive gains as the company behind the token scored some major victories in its legal dispute against the US Securities and Exchange Commission. As such, the recent lull in this direction could be attributed to the lack of massive moves for XRP.

What has happened in this regard is worth exploring, and the latest update, as reported today, suggests that Ripple had further supported its motion to seal the data related to the regulator’s request for judgment and remedies .

The regulator believes this information is crucial to the case, while the company said it has nothing to do with it.

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