Early on Tuesday, Ripple’s XRP is trading mostly steady after dropping below the $1.25 mark a few hours ago but is expected to see its price climb higher in the near-term as long as the market sentiment towards cryptocurrencies overall remains bullish. At the time of writing, XRP/USD is trading around $1.23.
One of the biggest factors supporting a bullish outlook in the sixth largest cryptocurrency by market cap is an uptick in trading volume lately. This signifies growing interest in the digital asset among investors in recent sessions, a key reason that could drive up volatility in Ripple’s token and keep its price supported.
On the legal front, the lawsuit between Ripple and the SEC is fast approaching the fact discovery deadline of August 31, and with both parties withholding important documents from each other, it’s likely to be a tense few days as far as the court is concerned. The next development will be a court hearing on why they are refusing to share documents – in Ripple’s case, terabytes of Slack communication between its employees, and the SEC using the privileged principle while refusing to accede to the company’s request. Following the hearing, we can expect the court to rule on the matter, which could offer some insights into how the case is progressing.
According to popular crypto strategist and trader Michaël van de Poppe, Ripple’s cryptocurrency appears to be mirroring its previous price action last seen between December 2020 and April 2021, which indicates a possibility of a strong rally. His forecast projects that the XRP could see its value soar to a new ATH of $4.30 in the coming sessions.
Key Levels to Watch
On the 4-hour chart of XRP/USD, most of the moving averages and the momentum indicator are signaling a bullish bias at the moment. However, the 10 EMA, 10 SMA and 20 SMA in addition to the MACD are suggesting some selling pressure as well.
Ripple’s cryptocurrency is holding above the pivot point at $1.20 but buyers have some way to go before testing the immediate resistance at $1.35. Once this is broken, XRP can head towards the $1.50 mark, although buyers could encounter resistance again at $1.47 before this happens.