Ripple’s XRP Dips After Crossing the $1 Mark, More Bullish Moves Expected
It’s a mixed start to the day for Ripple’s XRP after strengthening by almost 20% since the previous session and breaking above the key $1 level, only to slip below that, possibly on profit taking by investors. At the time of writing, XRP/USD is trading at around $0.978.
The surge in XRP’s value was initially triggered by a roadblock preventing progress in the US Senate for the Infrastructure Bill that would have imposed more regulations on cryptocurrencies. This brought cheer to crypto investors who helped drive up buying in market leaders Bitcoin and Ethereum, as well as cause stronger rallies in altcoins.
The bullish moves in XRP were further strengthened during the previous session over a potential development in the lawsuit between the SEC and Ripple, after the SEC refused to share discovery documents with the company, going against the judge’s orders.
On the one hand, the SEC is insisting on gaining access to a significant amount of employee communication on Slack – a collaboration app, from Ripple, which the company appears to be trying to delaying in providing. According to experts, the company could be dragging its feet on the latest motion in response to the SEC’s refusal to submit documents to discovery pertaining to its views on other cryptocurrencies such as BTC and ETH.
On the fundamentals’ front, Ripple’s XRP could be enjoying support from Global Money Express Co. Ltd – a leading cross-border remittance company based in South Korea, joining the RippleNet network. GME Remittance will use the RippleNet technology to connect to Slam Commercial Bank (SCB) in Thailand to improve remittances between the two Asian countries, showcasing yet another example of Ripple’s expanding business interests in the Asian market.
Key Levels to Watch
On the 4-hour chart of XRP/USD, moving averages and the MACD indicator are exhibiting a bullish bias despite the dip. However, the momentum indicator suggests some interest among sellers as well.
XRP’s price is holding above the pivot point at $0.772 and above the first two resistance levels at $0.849 and $0.918 at the moment. If more buyers enter the market now, the pressure can take Ripple’s token back above the $1 mark to test resistance at $1.065.
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