Key Takeaways:
XRP price started a major rally above the $0.550 resistance zone.
It is facing a major bearish trend line with resistance at $0.620 on the daily chart.
The price must settle above $0.620 and $0.660 to continue higher.
XRP analysis Read CoinChapter.com on Google News
NEW DELHI (CoinChapter.com) — XRP started a fresh surge above $0.550 after the recent New York federal judge ruling. However, the Bears are still defending $0.620.
XRP Price Outperformed Bitcoin and Ethereum
In a major event, a federal judge ordered Ripple Labs to pay a $125 million civil penalty, a lot lower than what the SEC asked ($2B). This was seen as a victory, and soon after the ruling, Brad Garlinghouse tweeted about it.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
The XRP price gained momentum above the $0.520 and $0.550 resistance levels, outperforming Bitcoin and Ethereum. There was a close above the $0.60 level and the 50-day simple moving average (blue). However, the price ran into a major hurdle at $0.620 and $0.660.
XRP price daily chart | Source: TradingView.com
It seems like the bears are active near the $0.620 zone. On the daily chart, a major bearish trend line with resistance at $0.620 acts as a crucial hurdle to further gains.
To continue higher, XRP must clear the trend line resistance at $0.620. The next key barrier sits near the $0.6550 and $0.660 levels. A convincing move and close above the $0.660 resistance zone could set the tone for more upsides.
The first major resistance above $0.60 is near the $0.700 level. If the bulls push the price above this level, there could be another steady increase toward the $0.740 level.
The next major resistance is near the $0.7550 level, above which the price could accelerate higher. In the stated case, the price might climb and test the $0.780 resistance. Any more gains might open the doors for a test of $0.80.
Another Rejection?
Conversely, the XRP price might fail to settle above the trend line resistance or $0.660. In the stated case, there could be a downside correction. Immediate support sits near the $0.5940 level and the 23.6% Fib retracement level of the recent surge from the $0.4332 swing low to the $0.6425 high.
The next major support is seen near the $0.550 level, below which the price could revisit the 50-day simple moving average at $0.530. It is close to the 50% Fib retracement level of the recent surge from the $0.4332 swing low to the $0.6425 high.
A downside break below the $0.530 support might set the pace for a fresh bearish wave. In the stated case, the price may decline toward the $0.480 level or even $0.4320.
Overall, the XRP price is aiming for more upsides above $0.620. If the bulls remain in action, there is a chance of a move above the $0.620 and $0.660 levels in the coming sessions.
The post XRP Price Soars 25% Following Court’s Ruling But Key Resistance Looms appeared first on CoinChapter.
