Ripple Attempts Recovery, Why XRP Could Revisit $1.022

Garlinghouse said that the case was moving in the right direction as the judge asked essential questions. He said that it looked like the judge realized that this was not just about Ripple but also broader implications. He further predicted that the case would conclude in 2022.

Ripple’s XRP is currently the seventh largest cryptocurrency worldwide, but it was the third biggest cryptocurrency behind BTC and ETH before the SEC lawsuit. The lawsuit prompted Coinbase and other exchanges to delist XRP, which triggered a sell-off at the time. However, Ripple managed to recover its losses after it pointed to BTC and ETH and asked to know why those assets were exempt from the SEC. The latest positive comments from Garlinghouse that the case will be closed by 2022 raised  XRP/USD prices over the weekend.

On the 2-hourly timeframe, XRP/USD has rebounded above the support level of $0.8955 level. Now it’s trading at 0.9910 level, crossing over the 20 and 50-day simple moving averages providing resistance at the $0.9900.

Lately, XRP/USD has closed the “Three white soldiers” pattern that indicates a solid bullish bias among investors. Moreover, the formation of candles above 20 and 50 SMA supports an uptrend.